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MGM/CET Joint Property in AC

Discussion in 'Non-Vegas Casino Hotels' started by Harry Lyme, Jun 1, 2017.

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  1. Harry Lyme

    Harry Lyme VIP Whale

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    No details, yet, but according to Nicholas Huba of the Press of Atlantic City, the two behemoths are creating a joint property. I know MGM has a ton of land so maybe they are looking to replicate the partnership with Boyd. They have stated that they are looking to expand their presence in AC.

    http://www.pressofatlanticcity.com/news/breaking/mgm-and-caesars-look-to-partner-on-atlantic-city-project/article_ed8c1b08-a5e9-5727-98af-4c93e1705ceb.html?utm_medium=social&utm_source=twitter&utm_campaign=user-share

    Edited to add link
     
    Last edited: Jun 1, 2017
  2. hammie

    hammie VIP Whale

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  3. smithipedia

    smithipedia Tourist

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    CET and I don't get along; they decided to ban me a couple years ago. I hope that if MGM and CET do this join venture it won't adversely affect my standings with MGM. Looks good for AC though!
     
  4. kevin853

    kevin853 High-Roller

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    Hopefully something comes off for Atlantic City. Have always fancied visiting since watching the boxing from AC years ago.

    Have read a few trip reports etc after planning a dual NYC/AC stay last year but it just seems a downtrodden place in general.

    Would be good to give Vegas a solid rival.
     
  5. Happygirl21

    Happygirl21 VIP Whale

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    Interesting. Thanks for the info.
     
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  6. hail2skins

    hail2skins VIP Whale

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    AC was probably a solid rival when it legalized gambling in the late 70s and through the 80s, but then Vegas reinvented itself in the 90s and was off to the races. AC remained stagnant, but held its own due to pretty much still dominating regionally. But then the competition from neighboring states increased, and I think PA legalizing gambling was the biggest blow.

    It used to be nice when AC had more clusters of casinos that you could walk between on the Boardwalk but with the closures of the past few years, even that appeal is lost. Gaming revenues seem to have stabilized after dropping by half, and Hard Rock seems to be optimistic about future prospects if they are putting half a billion into the Taj. But you have to wonder if that opening next year is going to help lift boats, or if another casino like Resorts is going to be adversely impacted and shutter.
     
  7. JoJoR

    JoJoR VIP Whale

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    How would Player's clubs work? Would there be a new MGM/CET club? Or would I just pick either one to play with?

    In CT, Foxwoods and Mohegan are looking to build a casino together to compete with MGM Springfield, so I've been curious on how that would shape up in that particular area.
     
  8. lithium78

    lithium78 VIP Whale

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    My Prediction: They are going to collaborate to create a shopping/entertainment complex between The Borgata and Harrah's that will be similar to The Linq Promenade or The Park in Vegas. AC has nothing like that and it would generate a lot of business. AC is in the process of reinventing itself as a full-fledged entertainment destination instead of simply another casino town and that would go a long way toward reaching that goal.
     
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  9. Harry Lyme

    Harry Lyme VIP Whale

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    The word is they are leaning towards a non-casino property, and if they're going with their land in the Marina then that would be perfect. So something to bridge that gap between Borgata and Harrah's would be fantastic bringing something more to that side of AC. There was also talk of a Circus Circus-type place a while back. The Fantasea properties do ok, but imagine a joint hotel/family/entertainment complex run by MGM and CET. Likely not to happen, but hopefully whatever they do is something that's a legit attempt and not more posturing.
     
  10. Grid

    Grid Well-Known Member

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    I'll second this! I had the pleasure of going to AC for the 1st time before they hit skid row. I was shocked at how HUGE the casinos were. Easily bigger than most in vegas. For a slot player it was perfect. I published the below in my 1st trip report to AC about 5 years ago

    "Speaking of the slot floors being huge, everything is well spaced out in AC, so the huge slot floors are even bigger than their numbers appear. I looked up these fun Facts. The Borgata has 3,474 slot machines and 161,000 SQ FT of gaming space. The MGM Grand in LV has 2,470 slot machines 171,000 SQ FT the largest in all of Vegas. So just using that giant slot floor in Vegas and the fact that even Caesars Palace LV only has 1,460 slot machines these numbers will shock you in AC.

    When I say the casinos are huge, I mean huge! Every game you could ever want to play you will probably find here. We saw so many games we never even knew existed here! Ballys 2,983 slots, Showboat 2,600 slots, Caesars 2,337 slots, Harrahs 2,776 slots Taj Mahal 2,648 slots, Tropicana 2,594 slots. Compare that to places like Excalibur and their 1,550 slots and you'll see what I mean. "

    Sadly AC was/is a one trick pony. People want that "Vegas" feel. So those that adapted, with nighclubs, plenty of food options, pools, shopping ETC did and do still do well. Tropicana and Borgata stock out. Those that had a buffet, gambling and maybe a small theater for no name talent died off. Sorry Trump Plaza & Atlantic Club. You were nothing more than yet another place to play.
     
  11. Grid

    Grid Well-Known Member

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    The article quoted Richard Perniciaro, director of the Center for Regional and Business Research “There is more than enough land between the two to put a casino,” . “There was a plan to put Circus Circus there.”

    So the only mention of what might be built, was a casino. Circus Circus was to be a casino as well, until MGM pretty much abandoned all of their plans in town when AC was nose diving.

    Rumors were circling that the old Hilton on the boardwalk might be turned in to a circus circus earlier this year when a list of possibly buyers came out. A massive indoor family amusement complex, year round, would be a great boost to the town.
     
  12. Harry Lyme

    Harry Lyme VIP Whale

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    I'm aware of that quote, Grid, and that's why I thought about them basically doing a re-do of the Boyd deal that birthed Borgata. However, Huba told me that the talks apparently are not leaning that way. I think we all agree that an entertainment complex would be fantastic. The literal circus act of Ten and the failing of the indoor water park as a solution leaves a wide open door for MGM/CET.
     
  13. The Rumor

    The Rumor VIP Whale

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    I can believe it would be a non casino amenity. It makes more sense for the two of them to connect on something like that which supports their best properties in AC versus on another casino.

    They want something to drive traffic to Borg and Harrahs - two of the three best properties in AC

    I do wonder what the economics of this would be. The Pier at Caesars is a dog.
     
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  14. Grid

    Grid Well-Known Member

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    I think the Boyd MGM thing was sort of an anomaly. In the mid 90's Steve Wynn was planning on building his Le Jardin hotel-casino in the marina. He demanded a tunnel be built from the ACX to the marina district. In exchange for that tunnel (which Trump apposed) the company (Mirage Resorts, owned by Wynn) had also agreed to allow Circus Circus Enterprises and Boyd Gaming to build casinos on the site. But good old Steve later reneged on the agreement, and sold all of his properties to MGM in 2000.

    So now the tunnel is built, Boyd had lawsuits out against Wynn. And MGM inherited land and plans from Wynn when they took over his companies. So to make any money, MGM used their land and Boyds cash to make Borgata happen 3 years later.

    So in fairness, MGM wasn't looking for Boyd to do something. MGM inherited a deal that someone else had and split the risk (and killed a lawsuit) by using Boyd's cash.

    The fact that enemy combatants like MGM & CET are joining up to do anything on their own like this is pretty cool. But it really wasn't born out of necessity like the Boragata was.
     
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  15. hammie

    hammie VIP Whale

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    This is owned by a developer from Philly, Bart Blatstein. He also owns the Showboat. He is trying to make it into a music venue, but it hasn't gone very well.
     
  16. bshowell

    bshowell VIP Whale

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    Interesting. I hope this succeeds. I'm a fan of AC, but only go once a year instead of the three or four times a year I went when everything was open.
     
  17. Grid

    Grid Well-Known Member

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    BB has balls, I'll give him that. He isn't afraid to throw shit at the walls hoping something will stick. He is trying for a beer garden next. Plus some weird sort of weekly comic-con thing at showboat for summer. The Pier, now "playground", was a strange sad little mess the last time I was in there. But the upstairs restaurants do look nice. Anything is better than the ghost town CET had it at the end. On the plus side, he got a steal at just $1mil to buy the joint.

    You and I both. I love AC, but it also makes me sad. I would fly out as soon as flights started from Chicago (they no longer due do to AC cutting off the flight rebates to Spirit). AC in April is sort of frightening. Especially during weekdays. You can see the storefronts, mostly locked up and closed. No one on the beaches or in the resorts. Almost everything but the slot machines are closed for business. It has a creepy post apocalyptic feel to it.
     
  18. RunningRam

    RunningRam Low-Roller

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    I'm all for something going in there as long as they don't mess with the walkway that runs along the water through there. It's about the only safe place for a run from the Borgata.
     
  19. Harry Lyme

    Harry Lyme VIP Whale

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    I agree about Blatstein, too. He's at least legit trying some things, even if they aren't all working. Showboat seems to be coming along. The Playground, not so much. It's horrible to go into once you get past the initial shops, then the middle and the upper level are fine. Even bringing back the water/light show and getting some kind of stores or something in there. Gotta take a hit somewhere to amp up foot traffic, because foot traffic exists over at the outlets.
     
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  20. BlueBellThunder

    BlueBellThunder VIP Whale

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    I live a little over an hour from AC. I haven't been there in 2 & half years. The slots are incredibly tight, the comps started to dry up, and away from the boardwalk it's a dump. When I'm considering a trip to AC on a Saturday night the room rates are $400 and up. Before resort fees, I can spend a week in Vegas for less. I still get 4-5 nights at most CET properties. I don't even go to Parx, which is about 30 minutes from me. They are also tight with the slots. Plus on weekends $25 minimum on the crap tables. AC has a long way to reinvent themselves. World class entertainment on a regular basis might help. I've actually been to Vegas 5 times since my last AC trip. And not once on any of those trips did I lose my whole bankroll, the worst was losing half in 7 days. I haven't won any amount of money in AC in over 10 years. I'm not sure I'll ever go there again.

    Sorry for the long rant.
     
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