We think the Playground Pier in front of Caesars on the Atlantic City Boardwalk, is one of the most valuable structures in town. Too bad the horribly named pier is 75% empty and getting worse. Last year, Gucci, Burberry, Guess, L’occitaine, Starbucks and others exited. By Jan 2018, 4 more will be gone, including Tiffany, Michael Kors, Louis Vuitton and Talk of the Walk.
The Apple Store, It’s Sugar, Tommy Bahama, Renee, and the very cool SPORTS CITY are staying put for now. Philips Seafood, The Continental and Budakhan continue their residency into the foreseeable future.
If we had to venture a guess, Caesars will one day soon take this beauty back from Boardwalk Bart. How many cash-flow negative properties can Blatstein handle? Showboat’s glow-in-the-dark golf is probably not gonna put a dent in Bart’s monthly Boardwalk nut.
The former Pier Shops at Caesars was acquired for $2.7 mil by Bart Blatstein’s Tower Investments in 2014.
The deal for this 3-story pier was not a friendly one. This explains why Caesars does nothing to encourage guests to walk across the Boardwalk to enjoy the Playground Pier offerings.