The Showboat in Atlantic City just closed its doors
The Caesars Entertainment group has just closed their hotel-casino Showboat on Sunday, August 31, after 27 years of operation on the famous Atlantic City Boardwalk in the State of New Jersey. This difficult decision was made following a revenue decline for many years in the saturated market in the north-eastern United States. The Showboat hotel-casino is located on the promenade on the seafront, next to the Trump Taj Mahal. It was opened in March 1987 by Harrah's Entertainment group, which is now called Caesars Entertainment. The establishment was built for a mere $519 million.
Between 3pm and 4pm
Even though it was still profitable, the Showboat has closed its doors due to the market saturation that led to lower revenues in all the casinos in Atlantic City. Last Sunday, on August 31, at 3pm the hotel-casino stopped letting in new customers. One hour later, an announcement was made asking players to leave the complex for good. The last song that was played by the famous Showboat was Queen's "Another One Bites The Dust".
A quarter of the employees transferred
Over 470 of the 2,000 employees of the establishment are being transferred to one of the other casinos of Caesars Entertainment in Atlantic City, as well to casinos in other parts of the United States. Other employees will simply lose their jobs. In a letter to the employees, Gary Loveman (the CEO and president of Caesars Entertainment), thanked all members of the Showboat team for their dedication, professionalism and commitment to customers over the years, and especially over the last few weeks that were particularly delicate.
A third of casinos closed
The closure of the Showboat is not the only one, nor the first one in Atlantic City in the year 2014. In January, the Atlantic Club was closed first. Then, on September 2 and September 16 respectively, it was the turn of the Revel and the Trump Plaza to get closed down. The total of 12 casinos in the seaside city are losing four, which is a third of all the casinos. This massacre reflects the challenges that the casino industry in this city of the State of New Jersey has been facing. These difficulties have derived from the international economic crisis and competition from online gambling. The market in the northeast of the United States is also very saturated.
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