Caesars' CEO Says Atlantic City Has Too Many Casinos
The CEO of Caesars Entertainment says Atlantic City has too many casinos and one or more of them needs to close, according to press reports. During an earnings conference call, Gary Loveman said Atlantic City has been the biggest problem for his global casino company for the past several years, and one option is to reduce capacity. "We are looking at all of our options to reduce the cost of doing business here," he said. "All the businesses in A.C. are under tremendous pressure." Loveman did not say whether one of Caesars' four Atlantic City casinos would close or whether the company might seek to buy one of the seven casinos owned by other companies and put it out of business, as it did in January with The Atlantic Club Casino Hotel.