Resorts in trouble

Lender seeks takeover of Resorts Atlantic City

Saying that Resorts Atlantic City, New Jersey's first casino, hasn't made a loan payment since October and is in default, lender Column Financial filed a foreclosure petition Thursday.

http://www.forbes.com/feeds/ap/2009/01/22/ap5953581.html (Archive copy)

Jon

They are far from alone. Trop is being run by the State of NJ. Resorts and its sister propery The hilton are in default of their loan agreement. Trump is, well,it's Trump, and Harrahs is swimming in debt. MGM is selling off more and more of its center peice to stay afloat. It's a wonderful place to be.

I would venture to say that Atlantic City as a whole is in trouble. The Borgata naturally will feels the effects less since they cater to a more upscale crowd and also happen to be far better run in my opinion than the other casinos.

I would say its time for AC to reinvent itself. For years it had a model that worked fine. Now, it no longer does. I've seen it in other industries, although nothing like the scale that Ac and Vegas are dealing with.It's hard to bet against the house.

Just as long as Resorts keeps the free rooms and MP coupons coming, I'm happy :grin:

I agree with you, Shad...reinventing AC sounds like the plan. But if its competitive edge of table games they have over PA & DE is eroded when PA legalizes them, they'll need a ton of help. I say "when" rather than "if" for a reason. Property owners love their school tax rebate $$$, and if the Commonwealth legislature puts 2 and 2 together and sells it with more revenue = bigger tax break for the voters, it will pass.

good luck

PA slot parlors

Do these new slot parlor places in PA plan on going full tilt and having table games to include blackjack? I know that their slot business has taken a chunk out of AC.

How is Resorts as far as comp? Do they offer reasonable comp to their players? I don't play there that often. I don't recall seeing anything all that spectacular around their blackjack tables; Do they have any 6 deck blackjack games, Chef?

I am thinking the more competition there is that the more likely that casinos will offer more reasonable blackjack games instead of the 8 deck, auto-shuffled, dealer hit soft 17 games that Harrah's casinos are doing. Harrah's casinos in trouble? GOOD! They deserve it for offering such crummy games to the public in attempt to fleece them a bit more. The sad part of this is that when a casino offers a crummy game with added house advantage, people will STILL line up to play it! I see it all day long at the 6 to 5 blackjack tables.

An uninformed public... the casinos like it like that!

As far as the PA slot parlor/racinos go, they are restricted by law to slots/machines. However, there is continued rumblings for table games in the legislature, especially by a couple reps in the Pittsburgh area...the WV casinos in the area now offer table games. It's probably (my opinion here) a matter of time, but the Gov. is not a big fan of the tables...but that only goes so far. We'll see how long it takes, but I think it'll happen when the stars align. Would that make me happy? Maybe. I still like the selection of AC, considering I play more craps than BJ.

Resorts has an OK BJ offering for AC standards. There are usually a couple 6-deck shoes on the main floor, so it's a matter of seeking them out. Pen is OK and can be better.

As far as comps go, I find them to be OK (see the theme developing here ). I usually ask for a dinner comp at the dice table since playing cards there necessitates Wonging to get an edge (thanks to the pros here on this board, I evolved into that style for beating AC shoes :joker and I don't stick around the card table long enough. I don't get much, if any, grief on the dice table, so I think of Resorts as my AC home base.

My 2 cents...good luck!

My opinion of Resorts

It's a dump casino almost as bad as Trump Plaza. Their rooms are very modest to say the least. Yes they do have 6 deck BJ games but usually at $25 minimums and with about 66-75% penetration dealer dependent. Their buffet sucks in comparsion to some of the others such as the Borgata's or even say Showboat's. The only reason to play there is for their craps tables imo.

With the exception of the first sentence, I would generally agree. Yes, the 6-deckers are $25 minimum, but that's serviceable when Wonging. The hotel rooms are definitely not Hilton quality, with the bathrooms being the weakest part of the equation there.

I fully agree with the dice table assessment. Solid dealers, not-too-bouncy surfaces, $10 minimums (good to warm up with), etc.

I'm going to digress here, but I am not a big casino eater when it comes to AC. We've got a go-to local Vietnamese joint, and the Melting Pot is a huge fav. But nobody asked about my taste :laugh:

good luck