Hard Rock Casino Expands to Atlantic City and Tea Party Debt Default?

by Bodog Casino Staff | Aug 4 2011

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Things Look Up For Caesars Executives Even When Things Are Down
The world's largest casino operator, Caesars International Corporation, announced that it had disbursed over seven million dollars in bonuses to executives who had cut costs. The estimated take of CEO Gary Loveman was one million dollars. All this was in pursuit of reducing expenditures and streamlining operations, and this latest round of cuts should see the casino giant shave 100 million dollars off of its balance sheet.

Times have been challenging for the casino operator of late as they reported a first quarter loss of 147 million dollars. A number of factors have contributed to poor earnings with the lacklustre U.S. economy touted as the main culprit.

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Tea Party Sued by Venetian
In odd but interesting news ultra-right political advocacy group the Tea Party is being sued by the Venetian Resort and Casino of Las Vegas. It appears that the Tea Party was to hold their annual conference at the Venetian, but ended up cancelling and holding it instead in the more favourable environs of Tennessee.

In turn the Venetian has sued for the $554, 148 cancellation fee stipulated in the contract. In true Vegas style they have also sued for an additional 18% in interest bringing the total to $642,144 which is some classic old school vigorish. The Tea Party and its founder Judson Phillips have declined to comment, but it does seem a bit hypocritical to welsh out on their financial obligations given their strident and repeated calls for back to basics economic responsibility. Maybe they were worried that attendees would prefer craps and slots to political rhetoric?

Atlantic City Updates
A number of changes in Atlantic City as the hard pressed seaside resort seeks to stay afloat in challenging times to U.S. land based gaming. A movement is afoot to make the Boardwalk City more family friendly so as to expand their visitor base. Attractions recently added include a full sized traditional circus and a new dinosaur exhibit called “Dinoshore”. The push to become more family friendly is a result of diminished yearly visits as out of state gamblers are finding new casinos closer to home.

Workers at the Resorts Casino in Atlantic City are protesting massive pay cuts that went into effect when the casino was sold to mega mogul Morris Bailey. Thousands picketed the hotel last week as workers throughout the city fear that the move may affect pay at other hotels and casinos. Management at Resorts say that the new salaries are not technically “pay cuts”, as employees were terminated by the previous owners prior to the sale and then simply hired back by Resorts at their original starting salary. Say what?

There was however some positive news for Atlantic City this week as Hard Rock International announced that it will be looking to build a small casino there by 2014. Hard Rock International, which is owned by the Seminole Tribe of Florida, feels that a niche casino property will be an excellent investment. The New Jersey Gaming Authority had green lighted licences for two new casino properties and the Hard Rock group is considered a lock for one of them.

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