Skip to main content

Atlantic City fears closing casinos may be eyesore

By WTOP Staff

WAYNE PARRY
Associated Press

ATLANTIC CITY, N.J. (AP) — Before summer ends, Revel, Trump Plaza, the Showboat and the Atlantic Club will be shuttered ex-casinos, leaving Atlantic City officials looking for a way to avoid having dark, empty shells on its signature Boardwalk.

Analysts and entrepreneurs tell The Associated Press that a glitzy corporate headquarters, condos or timeshares, entertainment-related rentals or even student housing could be among the new uses for them.

Israel Posner, head of a gambling study institute at Richard Stockton College, said it’s crucial to keep the buildings occupied and illuminated.

“If you rely on tourism, you want bright lights,” he said. “All the promotional shots of Las Vegas are at night with the lights on. Darkness is almost the antithesis of entertainment.”

Posner envisions Revel succeeding as a top-flight corporate center, possibly with a mix of retail and residential uses. The building, with a slanted roof and giant ball on top, “is the most interesting structure that was built in the Eastern U.S. in the last decade,” he said.

Revel is still talking with potential buyers, hoping to sell the property even after the casino shuts its hotel on Sept. 1 and its casino the next morning.

The Showboat could work for someone who resurrects its House of Blues nightclub and concert space to create entertainment-themed rental units, Posner said. But Trump Plaza may need to be razed.

“The land may be worth more than the building that’s on it,” he said. “With the success of the Walk’s shopping nearby, you might extend that shopping corridor right down to the Boardwalk.”

Once the casinos close, they will still have to be maintained, the grass cut and grounds kept clean, just like any vacant home or storefront. Since its Jan. 13 closing, the Atlantic Club has been mostly dark, except for a few external lights and blinkers that act as warnings to airplanes.

A Florida real estate firm, TJM Properties, has already bought two former casino buildings from Caesars Entertainment: the former Claridge Casino Hotel, which most recently was part of Bally’s, and the Atlantic Club. The company is running the Claridge as a smaller-scale, non-casino hotel and might do the same with The Atlantic Club.

“Customers like the idea of staying in a boutique non-casino hotel and still being close to the casinos if they want to go there,” TJM spokeswoman Sherry Amos said. “They tell us they’re traveling with their families or children and don’t want to stay in a casino-hotel, yet they’re glad they’re near some.”

Another possibility is Stockton College’s desire to locate a campus in Atlantic City. A spokeswoman said the school is considering several possibilities but hasn’t made a decision.

Steve Norton, an Indiana casino analyst who was vice president of Resorts when it opened in 1978 as the first U.S. casino outside Nevada, said reusing former casinos requires having enough business for them. Toward that end, he said, it might benefit Atlantic City to drop its opposition to casinos in northern New Jersey and use tax payments from those new casinos to expand airline service to and from Atlantic City International Airport. Norton estimated a casino at the Meadowlands sports complex would provide $150 million a year in tax subsidies to Atlantic City.

The former casino-hotels will have to compete with rates at casino-hotels, which are heavily subsidized by casino revenues.

“The rooms have to sell at rates that make sense,” Norton said. “How do you compete with a $41 room if your break-even point is much higher?”

David Schwartz, director of the Center for Gaming Research at the University of Nevada, said some of the former casinos could succeed as non-gambling hotels if there is enough of a market for conventions and small-group meetings. He also said timeshares are another option.

“It all hinges on how well Atlantic City can find an identity for itself in the post-casino-centric era,” he said.

___

Wayne Parry can be reached at http://twitter.com/WayneParryAC

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote