Low property investment tied to less revenue at casinos Caesar's and Bally's
Both boardwalk casinos are part of Caesars Entertainment Corp., which recently had its Chapter 11 bankruptcy reorganization plan approved by the Casino Control Commission.
The parent company's financial woes led to much less investment in the two properties – and a new report from the New Jersey Division of Gaming Enforcement says that is why the casinos generated less revenue than its competitors.
The Press of Atlantic City reports that while Caesar's and Bally's split the US$ 176 million in spending, other entities spent significantly more, like the Borgata Hotel Casino & Spa, which made US$ 205 million in capital improvements over the same period.
Since 2008, the city’s seven remaining casino properties have spent more than US$ 1 billion on improvements as they look to fend off competition from neighboring states.
Several million dollars has been allotted towards both casinos' capital improvements, though the Press of A.C. notes the updates could still be years away. As part of the recently approved reorganization plan, the parent company is required to submit information on upcoming operational improvements.
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