Things aren’t great right now in Atlantic City. Gambling enterprises are shutting, revenues are dropping and profits are drying up month after month. It’s really a time when resorts are carefully monitoring every dollar that will come in and out of their stability books. In short, it’s in regards to the time that is worst possible for the six-figure sum to go missing from a associated with the city’s casinos.
In accordance with police, two masked thieves walked out of Caesars Atlantic City with additional than $180,000 on Monday after a raid that is smash-and-grab the casino. The robbery reportedly took place on Monday morning, though police did not immediately release information that is much the main points of the crime. According to United States Of America Today, trooper Alina Spies said that police were investigating the matter, but which they did not want to give any information that might hinder the research that was underway.
Early Robbery morning
Local media, citing authorities sources, stated that the robbery involved two suspects who entered Caesars Atlantic City around 6 am. One or more of them had a gun and pulled it before stealing two synthetic boxes that contained the stolen cash. Then they fled the scene in a motor car at approximately 6:20 am, according up to a police bulletin.
The scenario is being investigated by the New Jersey State Police Gaming Bureau, which suggests that the robbery happened inside the casino. If the crime had happened in a hotel or other general public area, it might be customary for city police to manage the matter.
While $181,000 may possibly not be much in the grand scheme of things for a casino that is majorCaesars brought in $28.8 million in income during June alone), the theft comes during the worst possible time for an Atlantic City venue. The town has been struggling seemingly on all fronts, and that’s mostly driven by struggling casino properties. Revenues at the town’s casinos have been falling for decades, and also as many as four casinos could end up shutting throughout the course of 2013.
August one of those casinos, the Showboat, is operated by Caesars and is scheduled to close at the end of. Others include the Atlantic Club, which closed in January, the Trump Plaza, which is scheduled for closure later this season, and also the Revel, that is currently in bankruptcy court and may close if your buyer just isn’t found.
Caesars Atlantic City occupies a large, high-rise building that takes up a block between your famous boardwalk that runs along the Atlantic Ocean and Pacific Avenue between Arkansas and Missouri avenues. It’s not clear how the perpetrators exited or entered the building.
Casino Heists Not Unheard Of
While casino security is virtually second-to-none, that doesn’t mean so it’s impossible for criminals to pull a heist occasionally. The schemes, nevertheless, are rarely because complex as something you’d see in Ocean’s 11.
For instance, in 2010, a gunman wearing a bike helmet dashed to the Bellagio regarding the Las vegas, nevada Strip. He proceeded to steal potato chips from a craps table aussie-pokies.club while brandishing a handgun, fleeing on his motorcycle. The thief, Anthony Carleo, had been ultimately caught months later and was sentenced to prison.
Atlantic City Casino Struggles Hurting Regional Economy
Atlantic City’s beaches may help attract tourists who’ren’t interested in gambling. (Image: ACHotelExperts.com)
As Atlantic City watches gambling enterprises close left and right, officials acknowledge that the populous city may have to locate approaches to diversify as gambling revenues continue steadily to tumble. They also acknowledge that this isn’t going to be a transition that is easy the city has gotten used to relying on the gaming industry, and which will be a hard habit to split. But exactly what might never be immediately obvious is the amount of this shift in priorities could hurt the whole Jersey shore.
Atlantic City’s casinos have long brought tourists to the area, gamblers and others that will spend time at then other venues across the shore. But it’s more than that: according to a 2008 study by Rutgers University, some 100,000 jobs in New Jersey had been tied to the gaming industry in one way or another. That accounts for around two percent associated with the state’s total workforce.
‘When Atlantic City suffers, the area that is entire,’ said David Breeden, administrator for the city of Barnegat.
Several Casinos Closing This Year
Up to four Atlantic City casinos which were operating in 2013 may be closed by the end of this season. The Atlantic Club closed in January, as the Showboat plus the Trump Plaza are both expected to close in the next months that are few. The Revel may also close this if a buyer can’t be found year.
With casino profits under great pressure from competitors in neighboring states (particularly Pennsylvania, which recently surpassed New Jersey in terms of gaming revenues), Atlantic City is now attempting to find other ways to attract site visitors outside of slot machines and dining table games. That does not mean abandoning the casinos entirely, but instead giving visitors more reason to end by way of a city that is seemingly in the decline.
That could mean more destinations for families, bringing larger conventions to the city, and ensuring amenities are there for those who are only gamblers that are casual. But that’s going to take some time to perfect, plus the change is expected to be rough.
‘It’s coming at a bad time,’ said Stafford Mayor John Spodofora. ‘There are not many corporations that are big hire people down here. The gambling enterprises have been a boon for people down here.’
A transition that is painful
Even if Atlantic City does have the ability to rebound, it’s unclear as it was in its gaming heyday whether it will ever be the same. New organizations may create jobs, but there is no guarantee that they can function as the same types of high-paying opportunities afforded by the casinos.
‘We will endure the pain sensation that comes with transitioning from an economy extremely reliant on a single industry,’ said Atlantic City mayor Don Guardian.
On the bright side, the city does nevertheless draw about 27 million visitors each 12 months, generally there’s certainly plenty of disposable income to get around if the city can find the proper way to capture it. There are also plenty of resources that may help Atlantic City make such a transition: there is still the world-famous boardwalk, and also the beaches are nevertheless a fantastic draw throughout the summers.
But while wanting to squeeze more out of tourism will help, some certainly experts believe Atlantic City should search for other possibilities for development as well.
‘I’m all for trying to increase the size associated with the non-gaming cake, not just hospitality and tourism,’ Deborah M. Figart, teacher of education and economics during the Richard Stockton university of brand New Jersey, told The Star-Ledger. ‘Cities that have diverse economies, that are not a one- or two-industry city, those towns tend to do very well and prosper even yet in times of recession.’
Nevada Casinos Could Ban Smoking in Near Future
More casino areas are going smoke-free, and a ban that is total Nevada casinos could be not far off. (Image: Mel Evans/AP)
The public image of the casino floor was one of smoke-filled tables and a cloudy haze throughout the halls in the old days of gambling. Over the years, that vision has largely changed: enter any major casino, and there could be large swaths of smoke-free areas for patrons who does choose a somewhat more breathable gambling experience. Nevertheless, at the least in Nevada, there has nevertheless been room for smokers and non-smokers alike.
But based on some analysts, that might be changing soon. Many states with casino gambling have already outlawed smoking in gambling enterprises, and Macau is currently about to implement a ban later this year. That and other indications have led Deutsche Bank gaming analyst Andrew Zarnett to predict that the smoking cigarettes ban could come to Nevada within the next two years.
Zarnett cited a mixture of the move by Macau, that could now be a market trendsetter, as well as the study that is continued of potential risks of second-hand smoking cigarettes as factors leading him to believe that this type of ban could be coming sooner in the place of later on.
Smoking Ban Could Be Expensive
But he also warned that such a ban could price Nevada casinos lot of money. He remarked that other states have seen revenue that is significant after passing such laws within the past: Delaware’s casino profits fell 11.3 per cent following a 2002 ban, while Illinois saw a 20.9 percent drop after their particular 2007 ban. He predicted that Nevada could see perhaps a 7.5 percent decline if it were to accomplish exactly the same.
That might mean that such a ban wouldn’t be complete, and would nevertheless give smokers a location where they are able to sneak in a few good puffs. In Macau, smoking would nevertheless be allowed in the high-end areas where VIP gamblers congregate, and you will have special smoking rooms with segregated ventilation systems. The latter is in fact the solution now set up in Las Vegas’ international airport, McCarran, where smokers sit inside large lucite-surrounded free-standing ‘rooms’ that are completely closed off from the airport that is main, where smoking cigarettes is forbidden.
The Macau ban will go into effect on October 6, simply after the Golden Week holiday ends. Any smoking areas being built in casinos must account for fewer than half associated with the overall gaming area in each venue.
No Immediate Push for a Ban
According to officials in Nevada, there is no push that is immediate ban smoking in casinos anywhere in the state, and there was no public groundswell to take action. But even if it were to occur, it could not be the shock to the system so it sounds want it could be. In 2006, Nevada voters banned smoking cigarettes in all public places other than casino floors. And some casino areas happen to be smoke-free, including many poker rooms and sports books. The whole planet variety of Poker was played in an environment that is smoke-free 12 months.
And even though those projections of major losings may be scary, not everyone agrees that smoking bans are directly associated to casino profits.
‘Bad weather, gasoline prices, market saturation, competition, casino financial obligation, the recession that began in 2008 that severely impacted all video gaming profits, including Vegas, would be the other cards lacking using this deck,’ said Stephanie Steinberg, chairwoman of Smoke-Free Gaming of America. ‘Smoking bans are not the reason for revenue decreases, rather, it is poor business preparation.’
And even if the casinos aren’t about to put a ban into place right away, Steinberg agrees it shall come eventually.
‘Casino smoking bans are everywhere and inevitable,’ she said. ‘Nevada is next and the gaming industry knows it.’