Atlantic City Casino Takeover Signals Sign Of The Times
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On Monday, Atlantic City's oldest casino, Resorts Atlantic City, was taken over by the European bank Credit Suisse Group. That takeover signaled a sign of the times for the casino gaming industry in the US.
While past years have brought major resort expansion, 2009 will be remembered in the industry as a time when many of the old casinos in the country fell victim to the economy. Resorts became just the latest in a string of casinos that could not survive financially.
"This type of activity has been ongoing for the better part of 2009,' said Gaming Analyst Steve Schwartz, "The future may bring a resurgence in casino gambling, but right now is a difficult time. one in which many casinos may not make it through."
Resorts is not the first Atlantic City casino to experience financial troubles. Trump Entertainment, which owns three casinos in AC, has been in bankruptcy protection for the better part of the year. Donald Trump is involved in a bid to take over the company and lead it out of bankruptcy.
Carl Icahn has also once again become heavily involved in the AC casino industry. Icahn had previously bought the Sands, renovated the casino, and then sold it for a big profit. Icahn has already bought one casino in bankruptcy this year, and he has his sights set on purchasing more.
This past year has brought down some of the biggest industries in the US, and the casino industry was not exempt. The outlook for 2010 is much the same, with analysts believing that the recovery will occur in 2011.
December 23, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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