After news spread late Tuesday night that the newest Atlantic City casino was filing for bankruptcy protection less than one year after opening, another casino operator reported a billion-dollar loss for its fourth quarter.
Revel, the $2.4 billion casino project that many in the state had looked to for a reversal of fortunes in Atlantic City, issued a release on Tuesday noting it will file for Chapter 11 bankruptcy protection in March.
Spanning 6.3 million square feet and standing 47 stories tall in Atlantic City, Revel opened in April 2012 with 1,800 rooms boasting an ocean view, two performance spaces, more than a dozen restaurants, two nightclubs, a dayclub, spa, beach club, retail shops and a casino. Throughout its existence, it has remained near the bottom of Atlantic City's 12 casinos in terms of casino revenue.
On Wednesday morning MGM Resorts International reported a larger loss for its fourth quarter - a $1.2 billion loss for the three months ended Dec. 31.
MGM CEO Jim Murren attributed the loss to writedowns in land value in Las Vegas and Atlantic City, but in a conference call mentioned the Toronto casino project with Cadillac Fairview as an "exciting opportunity."
On Wednesday afternoon, the company revealed a new website touting MGM Toronto, "a unique, integrated resort complex for the City of Toronto" with a full pitch for its plans to "revitalize" Exhibition Place.
Considering everything that
Considering everything that is placed before us, the idea of these mega casinos does not appear to be a good idea. The evidence of the Ontario racinos success appears to be a better idea. And yet the Liberals on the advice of Paul Godfrey and company are pushing for stand alone casinos. Time for an election to rid the Ontario economy of these parasites. Just thinking sincerely, Bruce T. Winnig
Just great - will the Toronto
Just great - will the Toronto Casino be another REVEL and be Bankrupt within a year of commencing operation ? .... or will it just add another few hundred million a year to MGM's losses ?
Either way, it will needlessly cost Ontario tax payers dearly.
I wonder how much it will cost Godfrey, McGuinty and Duncan ?
Wonderful we can have 20+
Wonderful we can have 20+ bankrupt casinos shortly in Ontario and God Knows how many bankrupt Farmers ancillary businesses and former employees on welfare or worse. MY GOD I LOVE THIS PROVINCE!!