It is common knowledge that the gambling industry in New Jersey is problematic but the worst of all the that the future of the gambling venues remains uncertain. Next month Atlantic City may have its fifth casino closed but despite the crisis, there are several investors who has greatly benefited from the unstable situation. The chances all the closed casinos to find their new owners and become appealing to customers are pretty high. Those who expressed interest in taking the reigns over the gambling venues are well aware of the fact that if properly managed, these casinos can get a huge annual revenue. That’s why they intend to take a full advantage of the discount prices the casinos are sold at.
Revel is believed to be the most expensive casino ever built in Atlantic City but unfortunately it was open for visitors only two years. A prestigious Canadian company has acquired the venue through an auction for the sum of $110 million. The plan is Revel to be reopened as a casino resort.
The Meruelo Group authorities have almost obtained Trump Plaza but the deal was not closed because the casino filed for bankruptcy a few weeks ago. If the deal have been completed, the company would have bought the venue for the modest sum of $20 million – an amazing price for such a popular venue in Atlantic City.
The condition of Resorts Casino Hotel four years ago was so bad that the venue was said to close doors soon. However, things went on well when the casino was bought for the sum of $31 million and brought back in the business.
Laundry Inc. had also made a wonderful deal when it bought Trump Marina three years ago. The former owners set a really high price for the venue – $380 million, but at the end it was sold for the moderate sum of $38 million.
The billionaire Carl Icahn got the Tropicana Casino for $200 million although the asking price during the court auction was 1 billion.
The Pier Shops at Caesars is an attractive venue that has wonderful location and offers a wide range of shopping and entertaining facilities. Unfortunately it is expected to close in November. According to a reliable anonymous source, the total expenses for building the facilities were estimated to be $200 million. Bart Blatstein, a Philadelphia-based investor, is the new owner who obtained the ownership by paying the sum of almost $3 million.
While the former owners of The Atlantic Club paid well over $500 million in order to buy it, the new owners got it for $13 and a half million. The venue no longer offers gambling activities and Claridge operates as a non-gambling hotel.
