Things are not great right now in Atlantic City. Casinos are closing, revenues are falling and profits are drying up month after month. It’s really a time when resorts are carefully monitoring every buck that will come in and out of their balance publications. In a nutshell, it’s concerning the worst time possible for a six-figure sum to go lacking from a regarding the city’s casinos.
According to police, two masked thieves walked out of Caesars Atlantic City with increased than $180,000 on Monday after a raid that is smash-and-grab the casino. The robbery apparently occurred on Monday morning, though police did not immediately release information that is much the important points of the crime. In accordance with United States Of America Today, trooper Alina Spies stated that police were investigating the matter, but which they did not want to offer any information that may hinder the investigation that was underway lightning-link-slot.
Early Robbery morning
Regional media, citing authorities sources, said that the robbery involved two suspects whom entered Caesars Atlantic City around 6 am. One or more of them had a gun and pulled it before stealing two plastic boxes that contained the stolen cash. Then they fled the scene in a motor car at approximately 6:20 am, according up to a police bulletin.
The actual situation is being investigated by the New Jersey State Police Gaming Bureau, which suggests that the robbery occurred inside of the casino. If the crime had occurred in a resort or other public area, it would be customary for city police to manage the matter.
While $181,000 may possibly not be much in the grand scheme of things for a casino that is majorCaesars brought in $28.8 million in income during June alone), the theft comes at the worst possible time for an Atlantic City venue. The city has been struggling seemingly on all fronts, and that’s mostly driven by struggling casino properties. Revenues at the town’s casinos have been falling for years, and as many as four casinos could find yourself shutting throughout the length of 2013.
Some of those casinos, the Showboat, is operated by Caesars and is scheduled to close during the end of August. Others include the Atlantic Club, which shut in January, the Trump Plaza, which is scheduled for closure later this season, as well as the Revel, that will be currently in bankruptcy court and might close if your buyer isn’t found.
Caesars Atlantic City occupies a big, high-rise building that uses up a block involving the famous boardwalk that runs along the Atlantic Ocean and Pacific Avenue between Arkansas and Missouri avenues. It is uncertain how the perpetrators exited or entered the building.
Casino Heists Not Unheard Of
While casino security is practically second-to-none, that doesn’t mean that it’s impossible for crooks to occasionally pull a heist. The schemes, but, are rarely because complex as something you’d see in Ocean’s 11.
For instance, in 2010, a gunman wearing a bike helmet dashed into the Bellagio regarding the Las Vegas Strip. He proceeded to take potato chips from a craps table while brandishing a handgun, fleeing on his motorcycle. The thief, Anthony Carleo, ended up being ultimately caught months later on and ended up being sentenced to jail.
Atlantic City Casino Struggles Hurting Regional Economy
Atlantic City’s beaches may help attract tourists that aren’t interested in gambling. (Image: ACHotelExperts.com)
As Atlantic City watches casinos close left and right, officials acknowledge that the town may have to get approaches to diversify as gambling revenues continue to tumble. Additionally they admit that this isn’t going to be a transition that is easy the city has gotten used to relying on the gaming industry, and which is a hard habit to split. But exactly what might never be immediately obvious is the amount of this shift in priorities could hurt the Jersey that is entire shore.
Atlantic City’s casinos have long brought tourists to the location, gamblers and others who will then spend time at other venues over the shore. But it’s more than that: according to a 2008 study by Rutgers University, some 100,000 jobs in New Jersey were associated with the gaming industry in one single way or another. That accounts for about two percent regarding the state’s total workforce.
‘When Atlantic City suffers, the area that is entire,’ said David Breeden, administrator for the city of Barnegat.
Several Casinos Closing This Year
Up to four Atlantic City casinos that were operating in 2013 may be closed by the end of this present year. The Atlantic Club closed in January, as the Showboat plus the Trump Plaza are both expected to close in the next months that are few. The Revel may possibly also close this if a buyer can’t be found year.
With casino profits under pressure from rivals in neighboring states (particularly Pennsylvania, which recently surpassed New Jersey in terms of gaming revenues), Atlantic City is now trying to find other ways to attract visitors outside of slot machines and dining table games. That does not mean abandoning the casinos altogether, but rather giving visitors more reason to avoid by a city that is seemingly regarding the decline.
That could mean more attractions for families, bringing larger conventions to the town, and making sure amenities are there for people who are only casual gamblers. But that’s going to just take some right time to perfect, and also the change is expected to be rough.
‘It’s coming at a bad time,’ said Stafford Mayor John Spodofora. ‘There are not many corporations that are big hire people down here. The casinos are a boon for folks down here.’
A Painful Change
Even if Atlantic City does find a way to rebound, it’s unclear as it was in its gaming heyday whether it will ever be the same. New companies may create jobs, but there is no guarantee that they’ll function as same types of high-paying opportunities afforded by the casinos.
‘We will endure the pain that comes with transitioning from an economy extremely reliant for a single industry,’ said Atlantic City mayor Don Guardian.
The city does still draw about 27 million visitors each year, so there’s certainly plenty of disposable income to go around if the city can find the right way to capture it on the bright side. There are also plenty of resources that could help Atlantic City make such a transition: there is still the world-famous boardwalk, while the beaches are nevertheless an incredible draw through the summers.
But while trying to squeeze more out of tourism will certainly help, some specialists believe Atlantic City should search for other opportunities for development as well.
‘I’m all for trying to increase the size for the non-gaming cake, yet not just hospitality and tourism,’ Deborah M. Figart, professor of training and economics during the Richard Stockton College of New Jersey, told The Star-Ledger. ‘Cities that have diverse economies, that are not a one- or two-industry town, those towns and cities have a tendency to do very well and prosper even yet in times of recession.’
Nevada Casinos Could Ban Smoking in Near Future
More casino areas ‘re going smoke-free, and a total ban in Nevada casinos could be not far off. (Image: Mel Evans/AP)
Several years ago of gambling, the public image of the casino floor ended up being one of smoke-filled tables and a cloudy haze throughout the halls. Throughout the years, that vision has mostly changed: enter any major casino, and there are likely to be large swaths of smoke-free areas for patrons who would choose a somewhat more gambling experience that is breathable. Nevertheless, at the least in Nevada, there has nevertheless been room for smokers and non-smokers alike.
But based on some analysts, that may be changing soon. Many states with casino gambling have outlawed smoking in gambling enterprises, and Macau is already about to implement a ban later this year. That and other indications have actually led Deutsche Bank video gaming analyst Andrew Zarnett to predict that a smoking ban could come to Nevada in the next two years.
Zarnett cited a mix of the move by Macau, which may now be an industry trendsetter, as well as the study that is continued of dangers of second-hand cigarette smoking as factors leading him to think that this type of ban might be coming sooner in the place of later.
Smoking Ban Could Be Costly
But he also warned that such a ban could price Nevada casinos large amount of money. He pointed out that other states have experienced significant income decreases after passing such laws in the past: Delaware’s casino revenues fell 11.3 % after a 2002 ban, while Illinois saw a 20.9 percent drop after their 2007 ban. He predicted that Nevada could see perhaps a 7.5 percent decline if it had been to complete similar.
That might mean that such a ban would not be complete, and would still give smokers an area where they are able to sneak in a couple of good puffs. In Macau, cigarette smoking would still be permitted in the high-end areas where VIP gamblers congregate, and there will be smoking that is special with segregated ventilation systems. The latter is the solution now set up in Las Vegas’ international airport, McCarran, where smokers sit inside large lucite-surrounded free-standing ‘rooms’ that are completely closed off from the main airport areas, where smoking is forbidden.
The Macau ban will go into effect on 6, just after the Golden Week holiday ends october. Any smoking areas which are built in gambling enterprises must account fully for less than half associated with the overall gaming area in each venue.
No Immediate Push for a Ban
According to officials in Nevada, there isn’t any push that is immediate ban smoking in gambling enterprises anywhere in their state, and there has been no public groundswell to do so. But even that it sounds like it could be if it were to happen, it may not be the shock to the system. In 2006, Nevada voters banned smoking in all public places other than casino floors. And some casino areas already are smoke-free, including numerous poker spaces and recreations books. The whole planet number of Poker had been played in a smoke-free environment this 12 months.
Even though those projections of major losses may be frightening, not everyone agrees that smoking bans are directly related to casino profits.
‘Bad weather, fuel prices, market saturation, competition, casino financial obligation, the recession that began in 2008 that severely affected all gaming revenues, including Vegas, will be the other cards missing from this deck,’ said Stephanie Steinberg, chairwoman of Smoke-Free Gaming of America. ‘Smoking bans are not the reason for revenue declines, rather, it is bad business planning.’
And even if the gambling enterprises aren’t about to put a ban into place right away, Steinberg agrees that it shall come eventually.
‘Casino smoking bans are everywhere and inevitable,’ she said. ‘Nevada is next and the video gaming industry understands it.’