More bad news for Atlantic City. Caesars, the company that owns Caesars, Bally’s, Harrah’s and Showboat in Atlantic City, is considering closing some of those properties as a cost-cutting measure.
“We are looking at all of our options to reduce the cost of doing business here,” Chief Executive Officer Gary Loveman said on a conference call earlier this week, as reported by Bloomberg. “All the businesses in A.C. are under tremendous pressure… These markets can reach points when no new supply is indeed the right answer. In some cases reducing supply is the right answer.”
Caesars is the largest casino operator in Atlantic City, and the Las Vegas-based company reported losses of $386.4 million during the first quarter of 2014. The losses during the same period in 2013 were “only” $217.6 million.
The Atlantic Club casino (not a Caesars property) closed in January, and speculation continues as to the future of the seemingly cursed Revel casino, Atlantic City’s $2.4 billion gamble.