Analyst: Sale of Playground Pier in Atlantic City could signal turnaround for the property

By KYW Newsradio 1060
PHILADELPHIA (KYW Newsradio) — A Las Vegas-based casino gambling analyst says the recent sale of the financially troubled Playground Pier shopping and entertainment complex in Atlantic City could signal a turnaround for the property.

Roger Gros, publisher of Global Gaming Business magazine, says the transfer of the property from Philadelphia developer Bart Blatstein back to its original owner, Caesars Entertainment, bodes well for its future.

"It certainly made sense for Caesar's to re-acquire this asset because it really has a lot of potential that if you invested a significant amount of money into it, you could really make a nice return for yourself," he explained. 

Gros says Blatstein's plan to focus attention on his Showboat property and seek a license to reopen the casino there is unwise, and that the market doesn't justify another casino.

"We have a little bit too much capacity already and if you add another casino on top of that it's going to force one of the other casinos to close, there's no question about that. And, the other casinos are actually doing pretty well, they're on a steady basis now. He'll not grow the pie, he'll just cut it into smaller pieces and one of the pieces will go away," Gros said.