The lease of a showboat hotel in Atlantic City could mark an expansion of casino licenses
Atlantic City's Showboat Hotel no longer offers slot machines or table games since Caesars Entertainment closed the Boardwalk hotel on Aug. 31, 2014. However, the recent closure of the family resort may be a sign that the owners may soon seek a casino license.
Showboat announced last week the hiring of Anthony Farcana as its next general manager. Farcana previously served as president of the neighboring Hard Rock Hotel & Casino. He previously held management positions at Live! employed. Maryland Casino and Hotel and Parks Casino near Philadelphia.
Farcana's resume includes leadership roles with regional operations at Station Casinos and Caesars Entertainment in Nevada.
We are pleased to announce the addition of such a great executive to the Showboat team," said Showboat owner Bart Blatstein, who owns the company through his Philadelphia-based real estate company Tower Investments."Anthony brings a wealth of experience and quality, ensuring that he will be a valuable asset not only to our Showboat family, but to the entire community. "
Falkana's appointment sparked widespread speculation that Blastein would apply for a casino license from the New Jersey Casino Control Commission.
Certificate Restriction Expiration
Caesars closed Showboat a decade ago, although the resort remains profitable. This was done to ease competition from three other properties in the city. When the carnival theme ended, Caesars imposed deed restrictions on the property, preventing it from being used as a casino.
Jim Kennedy, a local economic analyst and former executive director of the Casino Reinvestment Development Authority (CRDA), said the restriction is set to expire this November.
Does look like a show-off casino going on,” Kennedy tweeted on X.
Blastein has considered the idea of a casino in the past.
In 2019, he considered proposing a new brick-and-mortar building next to the resort to circumvent deed restrictions. Blatstein filed paperwork with the CRDA this year to subdivide the property into five new lots.
Brastan eventually abandoned the casino concept and advocated for a $100 million water park to be built on a former outdoor beach volleyball court. The attraction is part of Blatstein's effort to make Boardwalk Resort a "preferred destination" for families visiting the seaside casino city.
In addition to the water park, Showboat is also home to the Lucky Snake Playground, known as "America's Largest Playground." Located on the site of a former casino, the amusement park features more than 300 games and a go-kart track.
Poor performance of water park
There are rumors that Blastan is considering opening a casino, possibly in part because his island water park may not pay off anytime soon.
The Showboat had high ticket prices ($89 per adult) when it opened around the July 4th holiday last year, before announcing in October that it would cut ticket prices in half and limit entertainment area hours.PARK Open four days a week only, Monday and Friday 12pm-7pm and weekends 11am-8pm.
As the market stabilizes after the pandemic, existing casinos may not want to open a tenth location. Last year, the nine casinos' land-based casino winnings were $2.84 billion, a 2.2% increase from the previous year. Revenues in 2023 surpass those in 2019, when casinos won about $2.78 billion.
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Source: www.casino.org
