Caesars CEO: Too Many Casinos In AC; Closures Needed
ATLANTIC CITY, N.J. (AP) — The CEO of Caesars Entertainment says Atlantic City has too many casinos, and that one or more needs to close.
Gary Loveman says Atlantic City has been the biggest problem for the global casino company for the last several years, and that one option is to reduce capacity.
But what he didn't specify during an earnings conference call Wednesday was whether one of Caesars' four Atlantic City casinos should close, or whether the company might seek to buy someone else's casino and put it out of business, like it did in January with The Atlantic Club.
A company spokesman says Caesars is looking at all its options to reduce operating costs in Atlantic City.
Caesars owns four of the 11 casinos in Atlantic City.
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