CZR: Caesars to Shut Atlantic City Showboat Casino

The company cites declining revenue as one of the reasons for the closing

   

CZR: Caesars to Shut Atlantic City Showboat Casino

Caesars Entertainment (CZR), announced on Friday, that it will be shutting down the Atlantic City Showboat.

Caesars185 CZR: Caesars to Shut Atlantic City Showboat CasinoCaesars said that it plans to shutdown the Atlantic City Showboat due to high tax burdens, increased competition and declining revenue. The casino company said that it still continues to support its other investments in the area, reports Philly.com.

Don Guardian, the Mayor of Atlantic City, said that its a “shame” that the Caesars establishment is closing and that he would work harder to bring “new investments” to the city. He also said that the Atlantic Showboats declining revenue was part of a small economic hiccup, Philly.com notes.

Caesars’s Atlantic City Showboat isn’t the only casino in the town that is shutting down. The Revel Casino Hotel also has plans to close down if it can’t find a buyer. The Atlantic Casino is another casino in the city that shut down earlier this year, USA Today notes.

CZR shares were down slightly Friday afternoon.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/06/caesars-czr-showboat-atlantic-city/.

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