Caesars’ CEO hails center, fate of casinos cloudy – Yahoo Finance UK

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The CEO of Caesars Entertainment said Wednesday a new $125 million meeting center his company is building will help define Atlantic City’s future, even as he pointedly refused to say whether his company …

Source: uk.finance.yahoo.com

ATLANTIC CITY, N.J. (AP) — The CEO of Caesars Entertainment said Wednesday a new $125 million meeting center his company is building will help define Atlantic City’s future, even as he pointedly refused to say whether his company is done closing casinos there.

Gary Loveman said the center next to Harrah’s Resort Atlantic City will be ready by next summer and should help Atlantic City expand its minuscule 1 percent share of the $16 billion northeast business meetings market.

But he also would not say whether his debt-laden company is considering closing any more of the three casinos it still owns here. Caesars closed the Showboat on Aug. 31, and after a topping-off ceremony Wednesday for the steel skeleton of the meeting center, Loveman seemed to put Bally’s on notice.

\”The challenge in Atlantic City is not simply revenue but cost,\” he said. \”Given the balance of revenue we enjoy at Bally’s, we need to make money there.\”

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