ATLANTIC CITY, N.J. (CBSNewYork/AP) — Casino contraction hit Atlantic City again Friday, as the parent company of the Showboat Casino Hotel announced it will close the Mardi Gras-themed casino on Aug. 31.
Caesars Entertainment said Friday morning the company will shutter the poorest-performing of its four Atlantic City casinos.
CEO Gary Loveman said in a statement that the “difficult decision” is necessary to protect the rest of its business in Atlantic City, where it currently owns four of the 11 casinos.
“While we regret the impact that this decision will have on our Showboat associates, we believe this is a necessary step to help stabilize our business in Atlantic City and support the viability of our remaining operations in the vicinity,” he said. “Since 2006, revenue in Atlantic City has declined by more than $3 billion and competition in the city has increased. The dynamic in Atlantic City has led us to the difficult but necessary decision to close Showboat.