You simply will not lose money on the deal ... buy the casino Pincus!
“But I’m not worried about this casino or any other casino closing. Because of the Internet wagering law being passed, there are more interested buyers in Atlantic City than ever before. I’m feeling very good about 2013 and keeping all of the casinos open.”
Part of any purchase plan would include a renovation budget. Poker Stars was offering 20 million this year and 20 million next year.
The Atlantic Club losses were around 40 million last year but as the economy has improved and they focused their business I believe they have narrowed that gap this year. Also remember last years numbers were greatly impacted by Super Storm Sandy.
But, they are indeed losing money. But between renovation and the addition of online gambling that operation could turn quite positive in a quick time period.
I really believe they will, but lose focus. The goal is to be in position to be taking bets on day 1 of being able to in November. As long as they accomplish that we are golden but for the long haul yes I believe they need to be in the real world casino business somewhere and it's hard to imagine a better opening.
There simply is not a better opportunity ... if the Federal Bill does not pass (which seems likely at this point according to Reid), then NJ will be the center of the US online gambling market simply because they offer all casino games not just poker ... Reid will go insane ... NV casinos will likely consider opening up all casino games in order to compete ... but, what does a casino in Vegas cost ... a heck of a lot more than a bankrupt casino in Atlantic City that's for sure ... this is an opportunity which must not pass ... buy the casino!!!
And because it sits @ Boston and Boardwalk they can rename the Dizzy Dolphin to the Boston Bulldog bar. They need brick and mortar, and NJ is full online casino action. Should we start an email campaign?