GAN 2016 Sponsor

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.

by Steve Norton
CEO, Norton Management

MPs attack 'too high' casino fees | The Royal Gazette:Bermuda Politics

My comment:

I question Minister's Crockwell and Pettingill for complaining about the annual fees and a casino tax, that is one of the lowest in the World. They could be right, that it might be high for the small resort, now under construction. But in Puerto Rico hotels, casinos were allowed in hotels with as few as 200 rooms, where many have closed their casino.

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.

by Steve Norton
CEO, Norton Management

Christie vetoes Trump Taj Mahal bill | Atlantic County | pressofatlanticcity.com

My comment:

Governor Christie got it right; let's hope the Legislature can't get the votes for an override.

Casino deed restrictions are a result of AC's 50+ percent decline in casino win; placed on the sold properties by owners, with other casinos; that will benefit from the restriction on new gaming capacity. Would we prefer that the owner actually blow up the property, and eliminate the chance that the resort could possibly reopen as a non casino hotel?

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