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NORTON'S NOTES: SC CASINO CHANCES
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by Steve Norton
CEO, Norton Management
South Carolina Casino Bill Has Small Odds of Becoming Law
My comment:
South Carolina has at least two locations where a resort casino could be very successful. A community near Charlotte and Myrtle Beach. Charlotte is a city with a population of over 2 million, and could easily support a destination casino. And Myrtle Beach, where I once worked at the Ocean Forest Hotel, is a Beach Resort, like Atlantic City, but with a warmer climate, and substantial air service; still hindering AC's ability to offset the loss of easy drive business from New York City, New Jersey and Maryland; by expanding the desirability of the City for National conventions and trade shows. Casino expansion to Eastern Philadelphia, slot machines at Yonkers and Aqueduct race tracks, and more recently casinos in Maryland,;have created gaming options to 98 percent of Atlantic City's previous market.
NORTON'S NOTES: AC Needs to Become Convention Destination
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- Hits: 1177
by Steve Norton
CEO, Norton Management
Meadowlands Racetrack owner holds out hope for casino | Casinos & Tourism | pressofatlanticcity.com
My comment:
New Jersey made a terrible mistake on their November casino vote for North Jersey gaming. Unfortunately the voters had one sided misinformation about North Jersey's potential gaming impact on Atlantic City. The negative impacts had already descended on AC, when Pennsylvania approved slots and then table games, at four greater Philadelphia locations, and three others aimed directly at North/central New Jersey's population. In addition AC's NJ/NY patron base was further impacted as Aqueduct opened with 5,000 more slot machines to add to the already existing 5,000 at Yonkers. The impact on Atlantic City had been a decline of over 90 percent of our line run bus customers, that exceeded 14 million persons a year, or 40% of our visitor totals, mostly coming in non summer mid-week days and nights; when our room demand was minimal.
NORTON'S NOTES: CT NEEDS WESTERN CASINO
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by Steve Norton
CEO, Norton Management
State at odds over gaming expansion - Connecticut Post
My comment:
Today's article include many salient facts, but adding a 4th casino to the Hartford/Springfield market; makes little sense, when there is a larger market available on the Western side of the State; that would be the most convenient casino to the million plus residents of Westchester, Orange and Putnam Counties in New York. Plus this location would also earn most of its revenues from citizens of another State. Where a 4th casino, serving greater Hartford, is going to further tax CT citizens, and will compete as much with the true destination casino resort facilities of Mohehgan Sun and Foxwoods, as it will with the closer MGM casino in Springfield.
NORTON'S NOTES: AC Deed Restrictions
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- Hits: 1210
by Steve Norton
CEO, Norton Management
Is Atlantic City dying? Listen to this and you'll find out why the answer is... | A.C. Impact | pressofatlanticcity.com
My comment:
Today's article raises questions about deed restrictions, that were attached to property sales. In the case of the Showboat sale to Stockton, Caesars obviously accepted a lower price for the property, because with the deed restriction, they effectively closed a casino, that was taking a share of the total AC casino play, including 3 other resort casinos owned by Caesars. The Taj Mahal casino restriction, placed on the property by Carl Icahn, is probably negotiable, if a subsequent operator offers the right price.