Being the CEO of one of the biggest land-based casino chains in the world can be a stressing job. Gary Loveman is the CEO of Caesars Entertainment and he is not saying that there are too many casinos in Atlantic City and that some of them need to close in order to keep the casino business healthy.
Loveman says that Atlantic City is by far the biggest problem for his casino company and that the only logical solution is to reduce capacity, without going into details about if he is going to close one of his four casinos in the city or if he meant that someone else has to close theirs. A third option would also be for Caesars to acquire one of the other casinos and simply close it down to eliminate the competition.
‘‘There’s much too much capacity in Atlantic City currently,’’ Loveman said in a press conference. ‘‘We've experienced that as the largest provider. So we are looking at all of our options to continue to reduce the cost of doing business here.’’
Caesars Entertainment and Tropicana Entertainment made a bid together on the now closed down Atlantic Club Casino, where they took out all useful inventory and then closed down the casino for good. Meanwhile Caesars is struggling with a huge debt of around $23 billion, which they are trying to bring down in all ways possible, which includes selling one or more of their Atlantic City casino and hotels.