Atlantic City panel approves demolition of derelict structures in South Inlet. (”The program is a pilot for possible future demolition projects in Atlantic City.”

MGM and New Jersey enter agreement regarding Borgata.

Pinnacle names new CEO.

The Associated Press reports today that “MGM Mirage will stop doing business as a gaming licensee in New Jersey, and sell its 50 percent interest in the Borgata Hotel Casino & Spa.”

The settlement by the Las Vegas based company is “is subject to approval by the New Jersey Casino Control Commission.”

As Rueters reports, “Celebrity real estate developer Donald Trump, optimistic about a casino comeback, took the stand in U.S. bankruptcy court to fight for control of the three Atlantic City hotel-casinos bearing his name.”

Read more.

Mr. Ichan

According to a report on the Web site Business Insider, with a headline that reads: “Carl Icahn to Donald Trump: I’m About To Corner Atlantic City On My Own, ‘You’re Fired’ “Carl Icahn could corner a third of the Atlantic City gaming market if he beats Donald Trump and bondholders in heated bankruptcy proceedings over the fate of Trump Entertainment Resorts.”

A look at Donald Trump and rival in the Trump properties in Atlantic City, Carl Ichan briefly.

Also, the AMLaw Daly Web site has a good overview of what exactly is going on here, Mr. Jones.

According to the Web site CasinoGamingStock, MGM Mirgage, which owns 50 percent of Atlantic City’s Borgata, “has decided to cash out of Atlantic City.” Acording to the site, this is due to New Jersey’s Casino Control Commision investigating MGM’s operations in the new gambling mecca of the world — Macau.

The site adds: “MGM Mirage’s decision to leave Atlantic City is an indication of how the broader gambling business has shifted to Asia. Gambling revenues in Atlantic City are at their lowest point in more than a decade, while Macau is expanding rapidly. Macau has now surpassed Las Vegas in gambling revenue and showed 48% year-over-year growth in December.”

Boyd Gaming  co-owns the Borgata, which opened in July 2003.

All the stories recently about Atlantic City and gambling revenues have been doom and gloom scenarios about the Philly and Delaware casinos cutting into AC’s profits, and therefore into state revenue from gambling taxes. Just this week, comes the news that Delaware casinos are adding table games to their slot parlors.

Legislation was introduced a week ago that would allow Internet wagering at Atlantic City casinos. The bill, sponsored by state Sen. Raymond Lesniak, D-Union, would allow New Jersey residents to place wagers on casino games via the Internet.

This is quite a move considering that currently Internet gambling is illegal in the United States; most of the on-line gambling sites that Americans can access are based in the Caribbean. According to a story on onlinecasinoreports.com, “There are currently 500,000 online poker players in the state of New Jersey.”

The idea is that the Atlantic City casinos would set up the sites, which could either be at the casinos themselves or at a secure site in Atlantic County. All games, including poker, would be offered. The casinos would give 20 percent of the gross revenue to the state.

The bill also provides for the creation of a Division of Internet Wagering under the direction of the state Casino Control Commission. Not only could New Jersey residents gamble at these locally generated Internet sites from their home computers and at the casinos themselves, but the bill would allow the operation of terminals at racetracks.

Is this bill a sign of desperation or a smart business move in tough economic times? If it passes, we will get the answer to that $100,000,000 question (that is how much the state projects it will earn from the online gambling).

The Metropolitan Business and Citizens Association (MBCA), now in its 20th year, held its 15th Winter-Kick off meeting at Resorts (that’s 15 in a row at Resorts) Thursday afternoon, Jan. 14, in Atlantic City. In attendance, as usual, were all the movers and shakers in the Atlantic City region, including the mayor and his new staff.

Mayor Lorenzo Langford also gave his traditional “unofficial” state of the city address and introduced his new cabinet to the crowd of several hundred. Also on the agenda, Paul Gallagher of Fisherman’s Energy gave details about a new offshore wind project for Atlantic City and Councilman John Schultz made the closing remarks.

Pictured are (L to R: Assemblyman John Amodeo, MBCA’s Gary Hill, Masterpiece Advertising’s Phyllis Lacca, Atlantic City Mayor Lorenzo Langford and his wife Nynell and AC Weekly editor Jeff Schwachter)

This from ABC: Report: Billionaire investor Carl Icahn offers $125M more for bankrupt Trump casinos.

Rants and raves about burning topics that have caught my attention midweek, be it greedy corporate shenanigans, frustration or joy in regards to the Philly sports teams, a movie, show or DVD that has fired up my imagination, an intriguing personality, or my on-going battle to lose weight in our fast food world. — Lori Hoffman, Associate Editor, Atlantic City Weekly

Well I’ve decided to give into the obvious temptation to sum up the year and in this case, the decade that has passed in Atlantic City, NJ.

Let’s start with the obvious. Things have been better around here in the casino industry that drives this town, a lot better.

In fact it was not that long ago that Atlantic City was earning tons of praise for continuing its transform into a true destination resort. When the Borgata opened in July 2003, it ushered in an era of new prosperity. Atlantic City was instantly appealing to a younger demographic. The Borgata did everything in a big way and the other casinos felt the need to match this new industry giant. The improvements and expansions of many casinos in town, the success of The Walk, the Pier Shops at Caesars and the Pool After Dark at Harrah’s Resort provided more entertainment, late night and shopping options. Hotel rooms were being added, including the Borgata’s own Water Club.

Everything was coming up roses in our town but roses can wilt quickly and all that prosperity turned into near panic as the economic crash hit the casinos hard.

Carl Icahn

The hand wringing particulars included the expansion of slot parlors in Pennsylvania that took a serious bite out of revenues; the announcement of new casino construction, followed later by the news that all the new properties like Revel, Penn National Gaming and Pinnacle Entertainment were suspending their AC plans until the economy approved; and the bankruptcy woes faced by Trump Entertainment, the Tropicana and the possible foreclosure of Atlantic City’s first casino, Resorts.

Yes, there is a ton of gloom and doom in the air, but damn my optimism, there is a silver lining in that black cloud. The economy will get better. Billionaire Carl Icahn thinks so.

He heads a group of investors that bought the Tropicana, and he is looking to lock horns with Donald Trump for control of the Trump properties. The fact that the big boys still want to play in our sandbox is an encouraging sign. Sure, they are getting these properties at a fire sale, but the point is, they feel the economy will recover. It was also good news December 21 when it was reported that Colony Capital LLC handed Credit Suisse the deed to Resorts. That gives our town’s first casino new life.

Atlantic City will survive these trying economic times.