It’s no secret that casino operators are hurting. Caesars is drowning under some $30 billion in debt, and they are now turning their major operating unit into a REIT. Casinos as a real estate firm? Well, I guess it makes sense, from a bankruptcy point, I suppose. Casinos in Atlantic City, New Jersey, are closing, including the $2 billion-plus Revel. The State Governor, Chris Christie, wants to move some casinos up north, to the beach. Well, good luck, is all I can say to this idea. And then there are the recent reductions, such as Foxwoods in Connecticut. Newly appointed CEO, Felix Rappaport, had this to say about the problems at Foxwoods:
“We think we have too much gaming.”
