Casino analyst optimistic about sale of Playground Pier in Atlantic City

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.

Gros says Blatstein was not a good match.

"He had a good reputation out of Philadelphia so we thought he might be able to bring his expertise to Atlantic City. But, it's been completely the opposite. It's been very disappointing."

Blatstein plans to focus attention on his Showboat property and seek a license to re-open the casino, but Gros says that is unwise. because 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," he said.

"Just judging from what he's done in the past he would not invest any significant money into this operation and I think it would be a very big mistake to give him a license."

Gros conceded Caesar's also faces some hurdles as it is being acquired by the El Dorado Gaming.