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#1
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Just an Atlantic City Question, not poker related
Atlantic city looks great at night all the casinos lit up etc. But boy when the sun comes out ewwwww. With the Borgata now bringing the vegas style casino to AC and the Pinnacle set to open in '09 I think, correct me if I'm wrong. (old sands property) I think the other casinos are going to have to step it up a notch or three.
Dont get me wrong there have been some vast improvements to the area in general i.e. Outlet shopping area by ceasars, the pier that just opened earlier this year with all the shops, French Quarter at the Trop, good eats but pricey. All very nice additions to the city though. The reason I bring this up is has anyone looked at property values in the city like condos and such, dirt ass cheap. Roll on over to Brigantine which just North over the bridge and its really a nice area up there and the property is fairly priced. i was considering investing in a few properties in the the city and maybe in Brigantine. Plus it would be nice to have a place to stay when all the nice places are booked and you go up on a whim. Do you think AC is going to step up a notch? or is it short lived? Has anyone else pondered this and do you think it wold be a wise investment? |
#2
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Re: Just an Atlantic City Question, not poker related
Atlantic City (itself) away from the boardwalk has always been sort of an eyesore. It stems back to the 70s and 80s when the influx of the money from the casions was supposed to be put 'back into the city' to make it nicer, but for whatever reason, it never happened, or at least not to an extent to make any real improvements. Some progress has been made over the years, but the city has never reached it's full potential. Perhaps with the newer casinos, they could get a little closer, but time will tell.
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#3
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Re: Just an Atlantic City Question, not poker related
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#4
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Re: Just an Atlantic City Question, not poker related
Given the rock bottom pricing, proximity to NY and PHI, the LV style builds/rebuilds, and the fact that newer condo developments are going for crazy $, I think a LONG term ivestment in AC property will be very lucrative. "Flippers" will however be disappointed over the short run.
Financial situation permitting, I will be buying property in AC very soon. |
#5
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Re: Just an Atlantic City Question, not poker related
Brigantine is excellent and retirees favorite place to live around AC. All the have to do is ride over the bridge and go to Harrah's $1-$5 Stud Central.
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#6
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Re: Just an Atlantic City Question, not poker related
AC casino revenues have declined 6 of the last 7 months.
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#7
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Re: Just an Atlantic City Question, not poker related
...AC has had 30 years to get its act together, and as you said it's still "Ewwwwww"...as an investment, the "long run" may be even longer than you can imagine.
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#8
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Re: Just an Atlantic City Question, not poker related
There is a lot of new investment coming. At least 3 or 4 Borgata/Vegas-style casinos will be built in the next few years. Existing casinos and hotels are building new towers and upgrading their facilities. The Borgata showed that a more upscale clientele will come to AC, and others have taken notice and are investing big time. That's why things are moving much more quickly than they have in the last 30 years. The business model was different then. They're not satisfied with just getting the bus day trippers anymore. I have put my money where my mouth is and bought a condo just off the boardwalk. I think it will really pay off in 5 years or less (and will be enjoying it in the meantime). AC is the last part of the Jersey shore that is not overdeveloped and overpriced. This is where the money will go next.
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#9
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Re: Just an Atlantic City Question, not poker related
[ QUOTE ]
AC casino revenues have declined 6 of the last 7 months. [/ QUOTE ] What is the decline if you add the Sands revenue back for the comparitive period? Unlike Vegas, adding/removing hotel rooms has very near a 1 to 1 effect because rooms are like $400 on summer fri/sat at ALL of the properties. When the Sands closed, poof, 700 rooms and would be roomfuls of gamblers disappared. No doubt the PA legalization is having an impact as well but I think time will show as AC transforms itself back into a "destination" (as it was back in the 20s/30s) it will defend itself successfully. Greed is what caused AC to flounder it's first 25 years as a gaming town...."get the gamblers in as cheaply as possible".....the same greed is now realizing there is more to it then that. 2 hours from NYC, 1 hour from PHI....are you joking, even corrupt local politcs can hold the potential down for only so long. |
#10
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Re: Just an Atlantic City Question, not poker related
For those people who are talking about real estate speculation in AC, do you have particular condo complexes in mind that you expect to appreciate? Most of the condos I know of are either in run-down eyesore buildings that I can't imagine will be in high demand if AC goes more upscale, or they are the new "super-luxury" condos that are already at least $400K. Where are you going to buy cheap now that is still going to be nice enough to be worth something later? |
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