The East Coast gambling hotspot of Atlantic City, N.J., is not likely to give its desert rival Las Vegas a run for its money anytime soon, Caesars Entertainment Chairman and CEO Gary Loveman told CNBC on Thursday. “There are two offsetting forces at the moment,” Loveman said in a “Squawk Box” interview. “The business has been contracting over the last few years as a result of so much new competition. [And] it makes it hard for people to invest in that market.” The American Gaming Association said that gambling revenues in Atlantic City totaled $3 billion last year—down 42 percent…

The advent of Internet gambling in New Jersey has left a British online gambling firm placing a bet on Atlantic City with plans to build or buy a resort casino. London-based 2UP Gaming PLC is in negotiations to purchase an Atlantic City casino. If that’s not possible, the company is prepared to build anew, said Vincent Crandon, who will oversee 2UP Gaming’s American expansion. The company announced its intentions Friday, saying an Asian investment firm is prepared to contribute $330 million to the project. “I don’t count New Jersey out by any means,” Crandon said, speaking about the decision to…

Internet gambling isn’t expected to start in New Jersey until around Thanksgiving, but Atlantic City casinos must move fast to line up partners for their online operations. The state Gaming Enforcement Division has told the casinos they have until June 30 to arrange Internet gambling deals. The short time frame is intended to give state regulators time to examine the qualifications and backgrounds of the companies that want to partner with the casinos, particularly since several foreign companies are considered likely to join with Atlantic City casinos. One of them, Bwin.party, is based in Gibraltar, and has inked a deal…

From Courier Post Casinos will win with new gambling revenue. New Jersey will win with new tax revenue. Consumers will win with a new entertainment option that they can play from the comfort of a coffee shop or their own sofa. Everybody, it seems, is guaranteed to win. Except Atlantic City itself. New Jersey is rolling out legalized Internet gambling, betting that it will help casinos fend off fierce competition from neighboring states, bolster the state’s tax revenue and be a powerful economic engine once again. It is a chance, casinos say, for New Jersey to remain on the cutting…

New Jersey casino gaming is not exactly booming, but Atlantic City online gambling may offer some hope. For six consecutive years, revenue there has been on a steady decline. Its newest casino, the $2.4 billion Revel, just exited from Chapter 11 bankruptcy. And to top it all off, last fall the city, along with the rest of the New Jersey coastline, was slammed by Hurricane Sandy, from which the region is still trying to recover. Prognosis for AC is good, according to Wall Street analysts  Last week the East Coast Gaming Congress was held, and it was there that a…

The folks who write the checks that help keep Atlantic City’s casinos afloat say internet gambling can help revive the market’s flagging fortunes. Speaking at The East Coast Gaming Congress Wednesday, a panel of Wall Street analysts said the investment community views Internet gambling as a way to finally end the city’s seven-year losing streak. The state plans to offer online bets by the end of the year. “I’m probably one of the more bullish people on this,” said David Berman, senior managing director of Macquarie Capital. “It’s a big boon for Atlantic City and New Jersey.” Internet gambling will…