The merge of Eldorado Resorts and Caesars Entertainment might spell the end of 40-year old casino Bally’s in Atlantic City. Indeed, when Eldorado bought Caesars for $8.6 Million, they gain control over 4 out of the nine casinos in Atlantic City. These casinos are Tropicana, Caesars, Harrah’s, and Bally’s.
However, authorities in New Jersey are likely going to force Eldorado to give up ownership of some casinos. Due to fears that it will have too much of a monopoly over the famous gambling beach town. This is where it gets dicey for Bally. A former New Jersey gaming official said that if Eldorado has to shut one casino down, it’s Bally.
Signs of doom
The truth is that Caesars has been preparing to shut Bally’s for several years now. The only thing that stopped them last time, was when the $2.4 Billion Revel Casino shut their doors, which took some competitive pressure off their backs.
However, the casino is still not getting any love, and it’s not a secret. For instance, the casino has an iconic pink glass tower. But for the last few years whenever glass breaks, the replacements are plain windows, and the once beautiful building is now an eyesore. Unfortunately, that’s not all. In 2015 the water in Bally’s high-roller suite had dangerous levels of lead in it. Which only came to customers notice six months later.
Fall from grace
Once upon a time Bally’s was the king of Atlantic City. It generated the most revenue out of many AC casinos. Now it’s but a fraction of its former glory. Last year, revenue from gaming dropped 9% to $192 Million. This made it the sixth largest out of the seven casinos. But, in May it moved down to ninth place out of nine, making it the least profitable casino in the whole City.
What’s more, is that two new resorts opened, Hard Rock and Ocean Casino Resort. Eldorado and Caesar’s reps refused to give further comments on the subject. But surely if Eldorado has to let Bally go, it’ll only leave room for another big company to claim their stake in Atlantic City. Well, we can hope so.