
Things aren’t great right now in Atlantic City. Gambling enterprises are shutting, profits are dropping and profits are drying up month after month. It is a time when resorts are carefully monitoring every buck that will come in and out of their stability books. Simply speaking, it’s about the worst time possible for the six-figure sum to go lacking from one 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 reportedly happened on Monday morning, though police did not immediately release much information about the main points of the crime. Based on United States Of America Today, trooper Alina Spies said that police were investigating the matter, but that they did not want to give any information that might hinder the research that was underway.
Early Robbery morning
Neighborhood media, citing police sources, stated that the robbery involved two suspects whom entered Caesars Atlantic City around 6 am. At least one of them had a gun and pulled it before stealing two plastic boxes that contained the stolen cash. Then they fled the scene in car at approximately 6:20 am, according to a police bulletin.
The case is being investigated by the New Jersey State Police Gaming Bureau, which suggests that the robbery happened inside the casino. If the crime had taken place in a hotel or other general public area, it could be customary for city police to deal with the matter.
While $181,000 may possibly not be much in the grand scheme of things for a casino that is majorCaesars introduced $28.8 million in revenue during June alone), the theft comes at the worst possible time for an Atlantic City venue. The town has been struggling seemingly on all fronts, and that’s mostly driven by struggling casino properties. Revenues at the city’s gambling enterprises have been falling for a long time, so when many as four casinos could wind up shutting throughout the span 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 in 2010, as well as the Revel, that will be currently in bankruptcy court and might close if your buyer just isn’t found.
Caesars Atlantic City occupies a big, high-rise building that uses up a block between the famous boardwalk that runs along the Atlantic Ocean and Pacific Avenue between Arkansas and Missouri avenues. It’s uncertain how the perpetrators exited or entered the building.
Casino Heists Not Unheard Of
While casino security is virtually second-to-none, that doesn’t mean that it’s impossible for criminals to pull a heist occasionally. The schemes, but, are rarely because complex as something you’d see in Ocean’s 11.
For example, this season, a gunman wearing a motorcycle helmet dashed in to the Bellagio regarding the nevada Strip. He proceeded to steal potato chips from a craps table while brandishing a handgun, fleeing on his motorcycle. The thief, Anthony Carleo, was eventually caught months later and had been sentenced to prison.
Atlantic City Casino Struggles Hurting Regional Economy
Atlantic City’s beaches could help attract tourists who aren’t interested in gambling. (Image: ACHotelExperts.com)
As Atlantic City watches casinos close left and right, officials acknowledge that the city may have to get methods to diversify as gambling revenues continue to tumble. In addition they acknowledge that this isn’t going to be a effortless transition: the city has gotten utilized to relying on the gaming industry, and that will be a hard habit to split. But exactly what might never be immediately apparent is just how much this shift in priorities could hurt the whole Jersey shore.
Atlantic City’s casinos have long brought tourists to the location, gamblers and others that 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 town of Barnegat.
Several Casinos Closing This Year
Up to four Atlantic City casinos which were operating in 2013 may be closed by the end of this season. The Atlantic Club closed in January, even though the Showboat and the Trump Plaza are both expected to close in the next few months. The Revel may also close this year if a buyer can not be found.
With casino profits under pressure from competitors in neighboring states (particularly Pennsylvania, which recently surpassed New Jersey in regards to gaming revenues), Atlantic aussie-pokies.club City is now attempting to find other means to attract visitors outside of slot devices and dining table games. That does not mean abandoning the casinos completely, but visitors that are rather giving reason to end with a city that is seemingly regarding the decline.
That could mean more tourist attractions for families, bringing larger conventions to the city, and making certain amenities is there for those who are only gamblers that are casual. But that’s going to take some time to perfect, therefore the change is anticipated to be rough.
‘It’s coming at a time that is bad’ said Stafford Mayor John Spodofora. ‘There are not numerous corporations that are big hire individuals down here. The gambling enterprises were a boon for folks down here.’
A transition that is painful
Even if Atlantic City does have the ability to rebound, it’s unclear whether it’ll ever be just like it ended up being in its gaming heyday. New businesses may create jobs, but there’s no guarantee that they can be the same kinds of high-paying opportunities afforded by the casinos.
‘We will endure the pain that comes with transitioning from an economy overly 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 may help Atlantic City make such a transition: there is still the boardwalk that is world-famous and the beaches are nevertheless an incredible draw during the summers.
But while trying to squeeze more out of tourism will certainly assist, some professionals believe Atlantic City should look for other possibilities for development too.
‘I’m all for trying to increase the size associated with pie that is non-gaming but not just hospitality and tourism,’ Deborah M. Figart, professor of education and economics during the Richard Stockton College of brand New Jersey, told The Star-Ledger. ‘Cities that have diverse economies, that aren’t a single- or town that is two-industry those metropolitan areas have a tendency to do very well and prosper even in times of recession.’
Nevada Casinos Could Ban Smoking in Near Future
More casino areas are going smoke-free, and a total ban in Nevada casinos could be coming soon. (Image: Mel Evans/AP)
The public image of the casino floor was one of smoke-filled tables and a cloudy haze throughout the halls in the old days of gambling. Over the years, that vision has mainly changed: enter any major casino, and there are likely to be large swaths of smoke-free areas for patrons that would prefer a slightly more gambling experience that is breathable. Still, at least in Nevada, there has still been room for smokers and non-smokers alike.
But based on some analysts, that might be changing soon. Many states with casino gambling have outlawed smoking in casinos, and Macau is already about to implement a ban later this year. That and other indications have led Deutsche Bank gaming analyst Andrew Zarnett to predict that a smoking ban could come to Nevada in the next two years.
Zarnett cited a combination of the move by Macau, that could now be a market trendsetter, as well as the study that is continued of perils of second-hand cigarette smoking as factors leading him to genuinely believe that such a ban could be coming sooner versus later.
Smoking Ban Could Be Expensive
But he additionally warned that such a ban could cost Nevada casinos lot of money. He noticed that other states have seen revenue that is significant after passing such laws in the past: Delaware’s casino revenues fell 11.3 percent after having a 2002 ban, while Illinois saw a 20.9 percent drop after unique 2007 ban. He predicted that Nevada could see perhaps a 7.5 percent decline if it had been to complete exactly the same.
That might mean that such a ban would not be complete, and would nevertheless give smokers an area where they could sneak in several puffs that are good. In Macau, smoking cigarettes would nevertheless be allowed into 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 airport that is main, where smoking is forbidden.
The Macau ban goes into effect on 6, just after the Golden Week holiday ends october. Any smoking areas which are built in casinos must account fully for less than half regarding the gaming that is overall in each venue.
No Immediate Push for a Ban
According to officials in Nevada, there’s no push that is immediate ban smoking in gambling enterprises anywhere in hawaii, and there is no general 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 cigarettes in all public places other than casino floors. And some casino areas happen to be smoke-free, including poker that is many and recreations books. The entire World variety of Poker had been played in a smoke-free environment this 12 months.
And even though those projections of major losings may be scary, not everyone agrees that smoking bans are directly associated to casino profits.
‘Bad weather, fuel prices, market saturation, competition, casino debt, the recession that began in 2008 that severely affected all gaming revenues, including Vegas, would be the other cards lacking from this deck,’ stated Stephanie Steinberg, chairwoman of Smoke-Free Gaming of America. ‘Smoking bans are not the reason for income declines, rather, it is poor business preparation.’
And even if the casinos aren’t likely to place a ban into place right away, Steinberg agrees it shall come eventually.
‘Casino smoking bans are everywhere and inevitable,’ she said. ‘Nevada is next and the video gaming industry understands it.’