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AC Showboat MAY be Sold

Discussion in 'Non-Vegas Hotels & Casinos' started by lithium78, Jul 9, 2014.

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  1. lithium78

    lithium78 High-Roller

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  2. hammie

    hammie VIP Whale

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    Caesars has fielded “preliminary indications of interest” from parties inquiring about buying Showboat and running the property as a casino hotel.

    Money talks, bullsh*t walks. CET is closing Showboat to reduce the supply. I think this statement is to deflect concerns about selling a third AC property with a deed restriction.
     
  3. Ty

    Ty ?

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    Do you go here often?
     
    Christmas Trip. Sam's Town & MSS
  4. lithium78

    lithium78 High-Roller

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    Relatively often. I live in NJ and Showboat is the casino I most often frequent because it tends to be a good deal (as AC goes).
     
  5. jerseyguy

    jerseyguy VIP Whale

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    Heard this rumor from my "inside source" . By years end 4 hotels closing in AC. Showboat ,Revel ,Plaza(no surprise) and hard to believe,Ballys. Just what I hear from a long time casino employee who was spot-on about Showboat long before it became public. I know Bally just renovated the casino and is bringing in new restaurants so I find it a little hard to believe ,but you never know these days,I would'nt rule anything out.
     
  6. NYNJMINC

    NYNJMINC Tourist

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    Are you sure about Bally's? You left the Atlantic Club off the list that already closed.
     
  7. lithium78

    lithium78 High-Roller

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    Revel will be purchased by somebody. That's a brand new building in pristine condition. I wouldn't be surprised if CET bought it and turned it into a new "Caesars" to replace that worn out building they are currently using. I highly doubt that Bally's will shutdown after the massive investment they just made in renovating it and since it is still very profitable. CET is also running the servers for harrahsonline.com -- one of their NJ online real money gambling websites -- from inside Bally's. (NJ law requires the servers to be located in an AC casino although people can play from anywhere inside NJ's borders.)
     
  8. wizard950

    wizard950 High-Roller

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    I doubt that either Bally's or Caesars would close simply because of their location at the end of the expressway and the center of the Boardwalk. I am surprised that any of the remaining Trump places are still open.

    I too liked the Showboat and if a buyer came into town my guess would be Hollywood (Penn National), it just seems like their kind of place.

    If CET doesn't go for Revel, I think it may be the kind of property that either MGM or Sands might consider. It is a pretty classy place with what could become a great location with the ocean, bay and inlet views when AC cleans up the area just a bit north of it.

    I'll be at Borgata week after next, maybe I'll hear something down there.
     
  9. NickyDim

    NickyDim VIP Whale

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    That would make sense if the article is accurate about the legislation Brown proposes....
    "— And limit the number of casino licenses a single corporation can own to two."

    But I don't see Bally's closing.

    It just pisses me off they can close Showboat AC but spend almost a billion dollars on a new casino in upstate NY.
     
  10. broncofn

    broncofn VIP Whale

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    Dont think ballys will close either, but a good friend who is a pit boss there says they have been having alot of layoffs and it has been scary. She is trying to relocate to horseshoe in baltimore but said its too soon or MGM natl harbor.

    Didnt trump plaza sell for a very low amount a few years ago? Did that deal not go thru?
     
    Last edited: Jul 10, 2014
  11. hammie

    hammie VIP Whale

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    The deal never went through, Carl Ichan holds the mortgage on Trump Plaza and Taj Mahal and wouldn't let it go for $20 million. Ichan also owns the Tropicana. By the way, Donald Trump owns only 10% of his namesake casinos.
     
  12. lithium78

    lithium78 High-Roller

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    A local developer wants to buy the Showboat and redevelop it, but they are having trouble with CET trying to put a deed restriction to prevent them from having a casino on the premises. The State of NJ may intervene because deed restrictions limit the amount of land available for casinos due to the limited size of the casino development zone along the Boardwalk and in the Marina and that would be against the law. This may lead to the deed restrictions on the Atlantic Club and Claridge being thrown out.

    http://www.pressofatlanticcity.com/news/press/atlantic/deed-restriction-may-stymie-buyer-for-showboat-lawmaker-says/article_c55f0518-2553-11e4-abff-0019bb2963f4.html
     
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