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Resorts casino is attempting to win back the business they once experienced. Resorts was the first casino in the United States to open outside of Nevada. Unfortunately the rebuilding effort is proving to be difficult and expensive. Since its reopening, the casino has been giving away large amounts of money and discounted hotels rooms compared to the competition. The company is currently entangled in lawsuits with the former owners, a utility company and several cocktail waitresses.

Continued Loses

Despite these efforts, the casino continues to lose money, just not as much as before. The owner and former casino executive Dennis Gomes predicts the casino will turn a profit under his management by in July 2011 thus breaking even for the year.

The Downfall of Resorts

Resorts opened on May 26^th, 1978 and was incredible profitable for many years. As more casinos opened in Atlantic City, Resorts’ share of the market drastically fell. Once casinos began opening in the Philadelphia area in 2006, Resorts was hit even harder. Senior citizens have become their regular customer.

Dennis Gomes Resume

Gomes boasts an impressive resume in the casino industry holding management jobs with the Tropicana Casino and Resort, Trump Taj Mahal Casino and Resort, Hilton Nevada Properties and the Golden Nugget in Las Vegas. Additionally, he was Nevada’s top casino corruption investigator as chronicled by Martin Scorsese in the 1995 film, “Casino”.

The Opportunity of a Lifetime

The previous owners of Resorts Casino was Los Angeles-based hedge fund firm, Colony Capital, LLC. In 2009, they stopped paying the mortgage and handed the keys to their lenders. At this point, Gomes and New York real estate company Morris Bailey saw an opportunity to turn the resort around and make a large profit. Therefore, they purchased the business for $31.5 million, a small fraction of the $140 million Colony Capital paid for the casino in 2001.

The Rebuilding Effort

The first step was to slash payroll and downsize. Next, Gomes and staff rebranded the casino and 90-year old building as a roaring 20’s theme. Luckily, HBO created a series about 1920’s Atlantic City. Since the building was from that era, it did not need any type of makeover and was perfect for the show.

The combination of downsizing and rebranding significantly helped Resort’ Casino get back on their feet and become a competitive business entity. As business continues to grow, it appears as if this Atlantic City institution may make it after all.

Federal law bars sports betting in most states, including New Jersey. However, new legislation may allow for the introduction of sports betting at casinos in Atlantic City. The New Jersey State Senator Ray Lesniak is suing the federal government in an attempt to overturn the law. However, Governor Christie refused to support the lawsuit refuting that it is pointless while sports betting continues to be illegal.

An Amendment to the New Jersey Constitution

Lesniak hopes to see a referendum on the ballet in November 2011 that would allow them to amend the New Jersey constitution to add sports betting. Since this has been introduced, the State Senate has voted to approve horse racing and casino bills that were passed out of the committee.

Multiple Bills

One bill would allow for exchange wagering which is a form of betting in which two or more individuals place opposing wagers on the outcome of a race. This is a common form of betting in Europe. Another bill aims to expedite the erection of off-track wagering facilities.

An additional bill is attempting to reduce the number of standard horse races per year from 141 to 100.   The final bill created a pilot program that would increase the minimum number of hotel rooms from 200 to 500. The objective of this legislation is to attract the Hard Rock Hotel and Casino to Atlantic City.

Illegal Sports Betting

Lesniak encountered plenty of resistance to allow sports betting to expand beyond the city limits of Atlantic City. Lesniak countered this idea by raising the issue of illegal sports betting that occurs everywhere, regardless of the law. As a result, this money is getting in the hands of organized crime. Also, this legislation would replace a $30 million annual subsidy from Atlantic City casinos to horse racing.

The Passage of the Bill

Despite the opposition by many and a federal prohibition of sports betting outside of Delaware, Nevada, Oregon and Montana, the bill proceeded as planned. The ban was enacted in 1992 in the Professional and Amateur Sports Protection Act. This limited betting on sports to only horse races and jai alai in the State of New Jersey. The state was granted one year after the law was passed but did not approve it.

This is an excellent way for New Jersey to generate funds and revitalize Atlantic City. If they can win the battle against the United States Government, this will add much needed revenue to the City of Atlantic City and improve New Jersey overall.

If you are looking for an alternative to Las Vegas, Atlantic City may be your answer. Atlantic City offers much of the same amenities you will find in Las Vegas. They have several top-notch casino resorts where you can stay, spend some time at the poker tables, get a facial, play around of golf, and enjoy world class dinning. However, Atlantic City, much like Las Vegas, is frequented for its casinos more then anything else, and the city has plenty to offer.

Casinos in Atlantic City

The Trump Taj Mahal Casino Resort

The Trump Taj Mahal Casino is one of the most famous casinos in Atlantic City. The casino is home to the United States Poker Championship. There are over 3,000 slot machines, 210 table games, a smoke-free section, and a separate baccarat room. There are several dining options to choose from at the Trump Taj Mahal Casino included a highly rated steak house and a late night sushi buffet. In addition to a casino, the Trump Taj Mahal Casino hosts a nightclub with live entertainment throughout the year, a spa, and several shopping facilities.

The Tropicana Casino and Resort

The Tropicana Casino and Resort has a large casino with a wide variety of games. The casino covered all of the basics with slot machines, video poker, and table games. There is also a separate room, known as the Jade Palace, which features Asian inspired games like Pai Gow poker. Outside of the casino the resort features several amenities, such as a full service spa, an IMAX movie theater, and a comedy shop. There are over 20 restaurants at the Tropicana Casino and Resort offering dining options from all over the world.

Atlantic City can be just as exciting as Las Vegas and a closer stop for some poker enthusiasts.