The 43-story Bogata brings Las Vegas’ luxurious touch to the gambling den that matches the Nevada boomtown of visitors, but it has stayed in its shadow due to its lack of glamour and reputation. Borgata was able to change that with 2,002 marble and wooden rooms, 11 restaurants supervised by famous chefs, expensive shops and theaters, and even high-speed internet for convention-goers.
But it’s not easy to open a casino even in a town that never sleeps. Aladdin, the newest casino in Las Vegas, went bankrupt in 2001, and the Taj Mahal in Atlantic City went bankrupt in 1991, a year after it opened. Meanwhile, casinos run by shining American Indians have challenged Atlantic City, attracting people from Connecticut.
“The logical expansion of Atlantic City happened in Connecticut,” said Bob Bowner, director of Bogata, a joint venture between Boyd Gaming and MGM Mirage. In a recent interview, Boffner attributed the drought in Atlantic City to casino operators, who said they have not been able to “reinvent” the city. “They’ve given the city paint and smart advertising campaigns,” he said. “It’s not going to work
No more.”
There’s not much else to gamble on. Atlantic City and Las Vegas each attract about 35 million visitors per year. However, Las Vegas brings in more money from hotels, food, and shows that provide about half the revenue for luxury properties and keep gamblers in town longer. The biggest attraction outside the casinos in Atlantic City is the boardwalk along the beach, but the dunes are attached in a partially visible rubber form, and the sight of the board-mounted houses is soothing
nostalgic.
But Bogata is not the only new development. There is also a new convention center and shopping and other casinos that will add about 4,000 rooms with Borgata between 2001 and 2005. S&P analyst Craig Parmelie predicts Bogata could face a bad time thanks to a relatively light debt burden and two strong backers. However, he said that rival Park Place Entertainment and Haras Entertainment could feel difficult.
Thomas Weisel Partners, an investment bank, said Tajik brought new visitors to the city in 1990, but also siphoned off competitors’ businesses that took two years to recover their profits. Park Place spokesperson Robert Stewart said he expected Bogata’s influence to wane in a month or two, and that all casinos should benefit from the new crowds it attracts.
“They’re after younger markets,” he said, “and they’re after people who turned down Atlantic City in the past.” Harrah’s CEO Gary Loveman also said the market will expand and his company will do well despite the new competition. He compared his humble casino in Las Vegas to a marble-clad Bellagio. “The highest winning casino per unit in Las Vegas as a whole is Harrah’s Las Vegas,” he said. “It didn’t cost as much as the Bellagio.” 온라인카지노사이트