Just an Atlantic City Question, not poker related

[cjk73]

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

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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.

[NickMPK]

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?

[Eponymous]

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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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Yes, I am referring to the $400K+ condos, Bella in particular. I'm not aware of anything for less in AC that I'd be willing to live in or expect to be worth anything. With the new mega casino about to be built right next door, I think the Bella condos will be in high demand. Think: luxury condo next to Borgata, except also right next to the boardwalk & beach.

[buddypup]

well....anohter bank went busto today! that means these 400k condos arent worth 400k anymore.
Seriously, AC is still a ghetto, with the hopes of turning th ecity around. Would you really pay north of $3000 a month with taxes and an HOA to live in AC? This is comong from someone born and raised in South Jersey.

Nick, I have been a real estate broker for a long time. Nothing that you buy today, or the last 2 years, or tomorrow will be worth more than you paid for it. We aare abou tto see a long, long housing decrease in the coming years. Unless "later" means like 40 years later. Everything on the market, all over the country is overvalued. You would be way better off renting for 1/3 of the cost of a mortgage payment. This is coming from someone who makes a living convincing people to buy. Even though AC has come a long way even in the past 5 years, its still AC, and looks like downtown skid row Los Angeles.....and smells like piss all over the place.

[pocketpared]

The decline is on a casino by casino basis. A couple had higher revenues, most fell. The CCC links I posted say it all. Foxwoods just recently backed out of a deal to build a joint venture casino with, I believe, MGM. The only other casino is Pinnacle where Sands used to stand. There are no new casinos increasing the total, just some expansions.

And yes, cjk73..greed was the problem. I have a friend that lived in AC a decade before gambling was legalized. A successful advantage player. Many casino execs go to his gym. One of the top guys at Hilton told him years ago they couldn't care less about giving good rules on blackjack or other games. Their goal was to empty a player as quick as possible, give him back as little as possible, and get him out the door and bring the next player in.