In the end, the Showboat Atlantic City had a good run of it, lasting almost three decades on the Boardwalk. It succumbed, in part, to wounds inflicted by owner Caesars Entertainment, which cut into its customer base by building Harrah’s Philadelphia and, toward the end, shifting its priority to a New York State casino. A few years of that attitude and, the next thing you know, Showboat security is yelling, “Go home! We’re closed” at taxi drivers.
“As it pertains to Revel, management [of Boyd Gaming] believes that any buyer would have to spend significant time and money to make the asset viable going forward.” — J.P. Morgan analyst Joseph Greff, making it clear who won’t be bidding on Revel.
Casino-based slot machines in Illinois are now outnumbered by ones in convenience stores, bars and truck stops. To make the challenge even worse, the Legislature — which goes out of its way to kneecap the Land of Lincoln’s existing casinos — is contemplating doubling the amount of machines allowed in convenience locations.
To some extent, the Illinois Casino Gaming Association is to blame, for having stood to one side when the initial enabling legislation went through, bringing truck-stop slots with it. “We underestimated the kind of impact it was going to have. We thought by putting a limit on the number of devices [five per site] it wouldn’t hurt us much,” says Executive Director Tom Swoik, a bit lamely.
The Lege’s priorities, of course, were to Continued >>