New Jersey Governor Chris Christie has openly voiced his support for a revised plan to rescue the US state’s gambling resort of Atlantic City. Introduced by Christie alongside Senate President Steve Sweeney and Atlantic City Mayor Don Guardian, the plan combines elements of previous strategies to help save the struggling gambling hub. Christie, who is keen for the plan to be cleared by the end of February, said the strategy would allow the state to restructure city debt and terminate municipal contracts, including those with labour unions. New Jersey already controls the city’s budget, hiring and other finances, but previous…

Atlantic City’s former Trump Plaza casino is likely to remain closed for at least 10 years following a judge’s approval Thursday of a deed restriction prohibiting anyone from re-opening it as a casino. Delaware bankruptcy court Judge Kevin Gross approved the deed restriction imposed by Trump Entertainment Resorts on the former casino, which shut down on Sept. 16, the last of four Atlantic City casinos to do so last year. The restriction prevents anyone from re-opening Trump Plaza as a casino for 10 years, although it could be used for a non-gambling purpose. It was done to avoid potentially higher…

Atlantic City’s efforts to recapture some of the tourism dollars it has lost to casino competition in recent years finally appear to be working. Nine years ago, the city’s casinos started realizing they needed to offer more than just gambling if they still wanted visitors. They doubled down on expensive investments like additional hotel towers, restaurants, swimming pools, spas, shopping, nightclubs and concert venues. Now, cash sales at non-gambling outlets within casinos represent 28.5 percent of revenue, up from 22.3 percent two years ago, and bars have increased their payrolls by nearly 39 percent in the past two years, according…

With proposals to expand casino gambling to other parts of New Jersey gaining momentum, Atlantic City is faced with an existential choice: fight to the end to try to keep it from happening, or accept it as inevitable and extract the most concessions it can from new, in-state competitors. It’s a question the city and its political and business supporters need to answer soon. Two bills that would ask voters whether to amend the state constitution and expand gambling beyond Atlantic City have been proposed, and lawmakers are touting casino projects in the Bergen County Meadowlands, Jersey City, Newark and…

Wall Street experts have seen the future of Atlantic City casinos — and there will be fewer places to play. A panel of analysts speaking at a regional gambling conference Tuesday in Atlantic City said a market that has already lost one casino this year still has too many. Adam Rosenberg, a managing director with Goldman Sachs, said “reducing capacity” is already underway, which he considers positive. Srihari Rajagopalan, a debt analyst with UBS, agreed. “You are seeing the market right-size, which is a positive,” Rajagopalan said. “There are unprofitable casinos shutting down.” Earlier this month, the CEO of Caesars…

Card Player – One lawmaker in New Jersey is still advocating for a casino outside of Atlantic City. According to the Associated Press, at a regional gambling conference Tuesday in Atlantic City, Assemblyman Ralph Caputo reiterated that a casino in the Meadowlands would greatly benefit the Garden State. Discussions of such a possibility have been “growing stronger.” “A casino in north Jersey, to be taxed at 50 or 60 percent, we could do a billion dollars a year in that location,” Caputo said. “We’ve got to be fighting for those customers. That’s what Pennsylvania is doing. That’s what New York…