Route 40 (https://rtforty.com/tag/casino/)
Billionaire investor Carl Icahn, a perennial on the merry-go-round that is Atlantic City real estate, last week acquired the mortgage to the Chelsea hotel, less than three months after selling the Taj Mahal casino.
It’s hot outside. I don’t know how hot exactly. The internet says 79°F. But there are people on the beach, in Atlantic City, in October! Here are two of them, Bob and Debby Harris of Bushkill, Pa.
Friend of the site Dennis Niceler, of the Egg Harbor City Historical Society, sent in this photo of a button, dating from the original casino referendum in the 70s. “At the end of the day, it’s just a reminder of yet another broken promise.”
Sometime around lunch on Monday of this week, Bill Terrigino of 227 Metropolitan Avenue stood outside gardening in one of the two yards on either side of his home in the South Inlet neighborhood of Atlantic City. Close readers of this space may remember Bill as the oft-chronicled inhabitant of a charming, cedar-sided Victorian house, nearly 110 years old, that has the interesting fate of being located directly across the street from the Revel casino hotel resort, the second-tallest building in the state of New Jersey and the most notorious casino flop in the history of Atlantic City and probably of the world, which sat about 50 feet to the west of Bill’s geraniums,* humming like a spaceship that was running out of electricity. Revel’s owner, an eccentric millionaire named Glenn Straub, had set that coming Wednesday–about 48 hours in the future–as the deadline for what’s been described as a grand reopening, a “soft” opening, a “real soft” opening and a “flaccid” flop (the local press corps has some bros in it). Which made Bill’s neighborhood once again a subject of some media interest. Bill, who’d worked as a banquet waiter at the Golden Nugget back in the 80s, had lived with his family in the Inlet since the early 1990s, and had been in his house well over a decade when work began on the gargantuan Revel, and the South Inlet was turned into the biggest construction site New Jersey.
The investment company owned by Kirk Kerkorian, who died last year, has begun to sell its stake in MGM Resorts International, under the terms of Kerkorian’s will. The company, called Tracinda Corp, will sell an initial 20 million shares for about $500 million to reduce its stake in MGM Resorts, according to a filing with the U.S. Securities and Exchange Commission on Monday. Tracinda Corp held a total of about 91 million shares, equivalent to a 16 percent stake, in MGM Resorts according to a filing last June. MGM Resorts last month said it would buy out Boyd Gaming’s stake in Atlantic City’s Bogata and take sole ownership of the city’s outperforming casino.