Fertitta makes more revenue in AC than in Vegas…but….the cost of doing business in AC is very expensive. It’s a big reason why Atlantic City is still hurting. Tilman Fertitta’s profit margin in Vegas is 20%. His profit margin in AC is 8%.
Is Atlantic City Business Friendly?
Example #1. AC councilman Frank Gilliam threatened eminent domain to take control of the Revel Property as Straub battled to power his building at fair market rates.
Example #2. On Monday Ap 25, Atlantic City Mayor; Don Guardian, was hosting a radio show and was questioned by a caller. ‘When will REVEL re-open and hire hundreds of new employees?’ Guardian wasn’t keen on chatting up that common question. Guardian did admit though, his staffers inspected REVEL a few weeks back. Contrary to inaccurate local radio & newspaper reports, they found REVEL in excellent condition. When pressed, the bow-tied Mayor also admitted on-air, all he knows about REVEL is what he reads in the paper. Editors note: The Press of Atlantic City and local radio stations are quick to ignore and belittle most of Straub’s REVEL revival efforts.
Example #3. Bart Blatstein stepped up and purchased The Showboat. Too bad he still can’t open it. Dueling non-competes prevent Blatstein from hiring hundreds and adding much-needed hotel space to Atlantic City’s room inventory. In yet another WTF moment, one past owner (Trump) says Showboat MUST remain a casino, and the other past owner (Caesars) says it can’t.
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