Just an Atlantic City Question, not poker related

FiveFingerz · #1 08-03-2007, 01:22 AM

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?

djdez · #2 08-03-2007, 10:16 AM

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.

pocketpared · #3 08-03-2007, 10:53 AM

http://www.state.nj.us/casinos/financia/mthrev/

http://www.state.nj.us/casinos/financia/histori/

cjk73 · #4 08-03-2007, 11:14 AM

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.

yanxchick · #5 08-03-2007, 11:54 AM

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.

pocketpared · #6 08-03-2007, 12:06 PM

AC casino revenues have declined 6 of the last 7 months.

davidlong14 · #7 08-03-2007, 12:33 PM

...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.

Eponymous · #8 08-03-2007, 09:49 PM

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.

flavio321 · #9 08-03-2007, 10:36 PM

AC is such a jewel in the cloudy east coast. i don't know why they are not putting some money back into the surrounding area. the board walk is nice, the beaches are nice and yet the next block over, atlantic blvd, is the ghettoest of ghetto.

i think steve wynn is planning to develop in ac so the future might be brighter.

McMelchior · #10 08-04-2007, 01:53 PM

I've been going to AC since '96, and boy - what an improvement. Back then large parts off-board walk were positively dangerous.

Always been a mystery to me why New York'ers aren't flocking down there like out of this world, when they're willing to pay $2,000 per week for a 24 person share in the Hamptons.

My wife keeps buggering me to purchase a condo in AC, but I'm just too fond of Vegas ... I'm sure over as short a period as 10 years it would be a fabulous investment.