Atlantic City Hilton Casino In Trouble
In Atlantic City Hilton Casino the gaming capital of the East Coast Area, the situation seems to worsen in as the recession continues to have its damaging effect on the economy of this beautiful city housing a number of reputable casinos. Recently Atlantic City Hilton Casino has defaulted in a mortgage loan payment and has got its names added onto the list of other casinos which were on the default list.
The attempt to refinance their debt is on, but has not reached any successful agreement. Larry Bell has commented that this is not an ‘eye-brow raiser’ given the fact that the state is in doldrums, and the huge competition from the North East causing an even bigger threat.
The irony of the situation is that though the economy is at an ‘all time low’ casino expansion over all is at an ‘all time high’. Latest results show a decline of 20% in the second quarter though a turnover of $198.4 million was posted. The Atlantic City state was in a rebuilding process after going through a bad patch for nearly two years now, but with the hit in economy all new projects have been stalled.
AC has capitalized a great deal on its location and has had an edge over other casinos, but now the competition has grown in leaps and bounds and gambling in Atlantic City at the Hilton Casino is really nothing to brag about!
There is hope however that the economy will improve and Trump has commented recently that he will be instrumental in helping casinos in Atlantic City rebuild to where they once were.
