PHILADELPHIA-At a gaming industry conference here this week that focused on Atlantic City's casino revenue woes, analysts said the only way to recovery may be if several of the weaker outlets are allowed to fail, reports the Press of Atlantic City.
“We would like to see a couple of them shut down,” Christopher Jones of the Telsey Group of New York, said bluntly. He said the most likely candidates to fail are Resorts Casino Hotel and the Atlantic Club Casino Hotel, which is currently being acquired by the online gambling company PokerStars.
Adam Steinberg of A.M. Steinberg Advisors also argued that it would be better for Atlantic City's overall financial picture if unprofitable casinos closed rather than continuing to compete for diminishing receipts.
The Wall Sreet analysts predicted that Atlantic City will never return to the high-rolling days before casino betting was legalized in New York and Pennsylvania. Read more here.
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