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Atlantic City Casino Income Shows Symptoms of Stabilizing, Online Gambling Thriving

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Atlantic City Casino Income Shows Symptoms of Stabilizing, Online Gambling Thriving

The economic crash in Atlantic City has seemed to bottom out at the least for the casinos, as revenues for the residual gambling resorts are 3.1 percent greater than they were at this time last year.

Atlantic City gambling enterprises may have finally weathered the storm and started to stabilize the gambling industry for the eight remaining resorts. After 10 years of declining revenues as a result of America’s Great Recession and neighboring states pushing gambling legislation in response to abating tax bases, Atlantic City has did actually reach a norm that is new.

Not as much as couple of years after one-fourth of its casinos went away from business, profits for Atlantic City decreased only marginally in March. The area’s casino win totaled $187,463,591 for the 1.7 % loss, though whenever Web gambling is included Atlantic City fell simply 0.4 percent.

Traditional table gaming ended up being the worst performer in March as casinos reported a 5.9 percent drop on supposedly greater win rates. The decline ended up being offset by Web gaming, which rose an astonishing 17.8 percent during the thirty days.

Calm After the Storm

Although the local government in Atlantic City is broke and presently engaged in a bitter debate with Governor Chris Christie (R) and State Senate President Stephen Sweeney (D) over who is most beneficial to manage the town’s recovery, 2016 is off to a good start for t

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Casino News – Resorts World Catskills In Difficulty, No Casinos For Chicago, Tough Rock Las Vegas Closing For Renos

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Casino News – Resorts World Catskills In Difficulty, No Casinos For Chicago, Tough Rock Las Vegas Closing For Renos

This week’s casino news starts us of in upstate New York where among the most luxurious, revolutionary casinos is on the verge of bankruptcy. Can the Resorts World Catskills be saved still?

Resorts World Catskills On Verge Of Bankruptcy

The upstate casino that is largest in nyc is reportedly on the verge of bankruptcy following a year or two by which it had been unable to generate profits. In accordance with the report, the Resorts World Catskills was hit with a $36 million loss in the quarter that is last. The company is seriously considering claiming bankruptcy in an effort to square away its debts.

The casino’s shareholder that is largest, the Genting Group, has placed forward a proposition to buy out the remaining shares regarding the company from the parent business Empire Resorts. According to an SEC filing by the publicly-traded business, the $1 billion casino in Monticello suffered operating losses of $73.5 million through the end of June. If Empire Resorts does not take the cope with the Genting Group, it could likely need certainly to file for Chapter11 bankruptcy so that you can negotiate its debts with creditors.

After projecting $300 million in revenue for 2019, the Resorts World Catskills happens to be on pace to fall almost $100 million short of that mark. It will be interesting to see just what route the Genting Group decides to take continue foll

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