Things aren’t great right now in Atlantic City. Gambling enterprises are closing, profits are falling and profits are drying up after month month. It is a right time when resorts are carefully monitoring every buck that will come in and out of their stability books. In short, it’s concerning the time that is worst possible for the six-figure sum to go missing from a single of the city’s casinos.
In accordance with police, two masked thieves walked out of Caesars Atlantic City with increased than $180,000 on Monday after a smash-and-grab raid on the casino. The robbery reportedly occurred on Monday morning, though police did not immediately release information that is much the main points of the crime. According to United States Of America Today, trooper Alina Spies said that police were investigating the matter, but that they didn’t want to produce any information that may hinder the research that was underway.
Early Robbery morning
Local media, citing authorities sources, said that the robbery involved two suspects whom entered Caesars Atlantic City around 6 am. At least one of them had a gun and pulled it before stealing two synthetic boxes that contained the stolen cash. Then they fled the scene in a motor car at approximately 6:20 am, according to a police bulletin.
The case is being investigated by the New Jersey State Police Gaming Bureau, which suggests that the robbery happened inside the casino. If the crime had taken place in a resort or other area that is public it would be customary for city police to manage the matter.
While $181,000 may not be much in the grand scheme of things for a major casino (Caesars brought in $28.8 million in income during June alone), the theft comes at the worst possible time for an Atlantic City venue. The town has been struggling seemingly on all fronts, and that’s mostly driven by struggling casino properties. Revenues at the city’s gambling enterprises have been falling for decades, and also as many as four casinos could end up closing throughout the length of 2013.
August one of those casinos, the Showboat, is operated by Caesars and is scheduled to close at the end of. Others include the Atlantic Club, which shut in January, the Trump Plaza, which is scheduled for closure later this year, and also the Revel, which is currently in bankruptcy court and could close in case a buyer isn’t discovered.
Caesars Atlantic City occupies a large, high-rise building that takes up a block between your famous boardwalk that runs along the Atlantic Ocean and Pacific Avenue between Arkansas and Missouri avenues. It’s uncertain the way the perpetrators exited or entered the building.
Casino Heists Not Unheard Of
While casino security is practically second-to-none, that does not mean it’s impossible for criminals to pull a heist occasionally. The schemes, nevertheless, are rarely because complex as something you’d see in Ocean’s 11.
For instance, in 2010, a gunman wearing a bike helmet dashed to the Bellagio in the vegas Strip. He proceeded to take chips from a craps table while brandishing a handgun, fleeing on his motorcycle. The thief, Anthony Carleo, ended up being ultimately caught months later on and ended up being sentenced to jail.
Atlantic City Casino Struggles Hurting Regional Economy
Atlantic City’s beaches may help attract tourists who’ren’t thinking about gambling. (Image: ACHotelExperts.com)
As Atlantic City watches casinos close left and right, officials admit that the populous city could have to get approaches to diversify as gambling revenues continue to tumble. Additionally they admit that this isn’t going to be a easy transition: the city has gotten used to relying on the gaming industry, and which will be a hard habit to split. But just what might never be immediately apparent is the amount of this shift in priorities could hurt the Jersey that is entire shore.
Atlantic City’s casinos have very long brought tourists to the area, gamblers and others who’ll spend time at then other venues across the shore. But it’s more than that: according to a 2008 study by Rutgers University, some 100,000 jobs in New Jersey had been tied to the video gaming industry in one way or another. That accounts for around two percent regarding the state’s total workforce.
‘When Atlantic City suffers, the whole area suffers,’ said David Breeden, administrator for the town of Barnegat.
Several Casinos Closing This Year
Up to four Atlantic City casinos which were operating in 2013 may be closed by the end of this present year. The Atlantic Club closed in January, although the Showboat while the Trump Plaza are both expected to close in the next months that are few. The Revel may possibly also shut this year if a buyer can not be found.
With casino revenues under some pressure from competitors in neighboring states (particularly Pennsylvania, which recently surpassed New Jersey in regards to gaming revenues), Atlantic City is now trying to locate other ways to attract site visitors outside of slot devices and dining table games. That doesn’t mean abandoning the casinos altogether, but visitors that are rather giving reason to avoid with a city that is seemingly on the decline.
That could mean more destinations for families, bringing larger conventions to the town, and ensuring amenities exist for those who are only casual gamblers. But that’s likely to take some right time to perfect, therefore the change is anticipated to be rough.
‘It’s coming at a bad time,’ said Stafford Mayor John Spodofora. ‘There are not many corporations that are big hire individuals down here. The casinos were a boon for individuals down here.’
A transition that is painful
Even if Atlantic City does have the ability to rebound, it’s unclear as it was in its gaming heyday whether it will ever be the same. New companies may create jobs, but there is no guarantee that they’re going to function as the same kinds of high-paying opportunities afforded by the casinos.
‘We will endure the pain that comes with transitioning from an economy overly reliant for a single industry,’ said Atlantic City mayor Don Guardian.
The city does still draw about 27 million visitors each year, so there’s certainly plenty of disposable income to go around if the city can find the right way to capture it on the bright side. There are also plenty of resources which could help Atlantic City make this type of transition: there’s still the world-famous boardwalk, and also the beaches are nevertheless an incredible draw throughout the summers.
But while wanting to squeeze more out of tourism will help, some certainly experts believe Atlantic City should try to find other possibilities for growth too.
‘I’m all for trying to increase the size associated with pie that is non-gaming yet not just hospitality and tourism,’ Deborah M. Figart, teacher of training and economics at the Richard Stockton College of brand New Jersey, told The Star-Ledger. ‘Cities that have diverse economies, that are not a one- or town that is two-industry those towns tend to do very well and prosper even yet in times of recession.’
Nevada Casinos Could Ban Smoking in Near Future
More casino areas are going smoke-free, and a ban that is total Nevada casinos could be coming soon. (Image: Mel Evans/AP)
The public image of the casino floor was one of smoke-filled tables and a cloudy haze throughout the halls in the old days of gambling. On the years, that vision has mainly changed: enter any major casino, and there will tend to be large swaths of smoke-free areas for patrons that would choose a somewhat more breathable gambling experience. Still, at least in Nevada, there has still been room for smokers and non-smokers alike.
But in accordance with some analysts, that may be changing soon. Many states with casino gambling have already outlawed smoking in gambling enterprises, and Macau is already about to implement a ban later this year. That and other signs have actually led Deutsche Bank video gaming analyst Andrew Zarnett to predict that a cigarette smoking ban could come to Nevada within the next two years.
Zarnett cited a mixture of the move by Macau, that could now be an industry trendsetter, as well as the study that is continued of dangers of second-hand cigarette smoking as factors leading him to believe such a ban could be coming sooner versus later.
Smoking Ban Could Be Expensive
But he additionally warned that such a ban could price Nevada casinos a complete lot of cash. He remarked that other states have seen revenue that is significant after passing such laws in the past: Delaware’s casino revenues fell 11.3 per cent after having a 2002 ban, while Illinois saw a 20.9 percent drop after their 2007 ban. He predicted that Nevada could see perhaps a 7.5 percent decline if it had been to complete equivalent.
That might mean that such a ban wouldn’t be complete, and would nevertheless give smokers a place where they could sneak in a couple of puffs that are good. In Macau, smoking would still be permitted within the high-end areas where VIP gamblers congregate, and there will be smoking that is special with segregated ventilation systems. The latter is truly the solution now set up in Las Vegas’ international airport, McCarran, where smokers sit inside large lucite-surrounded free-standing ‘rooms’ that are completely closed off from the primary airport areas, where smoking cigarettes is forbidden.
The Macau ban goes into effect on 6, just after the Golden Week holiday ends october. Any cigarette smoking areas that are built in gambling enterprises must account for not even half of the gaming that is overall in each venue.
No Immediate Push for a Ban
According to officials in Nevada, there’s no push that is immediate ban smoking in gambling enterprises anywhere in hawaii, and there is no public groundswell to do so. But even that it sounds like it could be if it were to happen, it may not be the shock to the system. In 2006, Nevada voters banned smoking in all places that are public than casino floors. And some casino areas seem to be smoke-free, including numerous poker spaces and activities books. The whole planet variety of Poker ended up being played in an environment that is smoke-free year.
Even though those projections of major losings may be scary, not everyone agrees that smoking bans are directly related to casino profits.
‘Bad weather, gas rates, market saturation, competition, casino financial obligation, the recession that began in 2008 that severely affected all video gaming revenues, including Vegas, would be the other cards missing using this deck,’ stated Stephanie Steinberg, chairwoman of Smoke-Free Gaming of America. ‘Smoking bans are not the cause of income declines, rather, it’s bad business preparation.’
And even if the gambling enterprises aren’t likely to put a ban into place right away, Steinberg agrees that it will come eventually.
‘Casino smoking bans are everywhere and inevitable,’ she said. ‘Nevada is next and the gaming industry understands it.’