ATLANTIC CITY, N.J. (WPVI) — A multi-billion-dollar casino deal under discussion could significantly reshape Atlantic City’s gaming landscape.
Talks surrounding the proposed $17.6 billion acquisition are ongoing, and while no agreement has been finalized, the likelihood of the deal moving forward appears strong.
If completed, the parent company of Golden Nugget, Fertitta Entertainment, would own four of the city’s nine casinos.
“That next step is regulatory approvals, and I’m sure a lot of questions about jobs and competition,” said Jane Bokunewicz of Stockton University.
Under the proposal, Golden Nugget, Caesars, Harrah’s and Tropicana would fall under the same ownership. Bokunewicz said that the level of market concentration could raise concerns among regulators.
“Anytime there is one company owning a lot of properties in a geographical area the concern is it could negatively impact competition so it could result in increased prices for consumers or decreased promotional offers,” she said.
Job security is also likely to be a key issue as the deal faces regulatory review. Bokunewicz noted that oversight agencies will closely examine how the acquisition could affect workers.
“The new company would have to prove to the Casino Control Commission that it will not unduly impact competition, and I’m sure they’ll have to answer questions about job loss, etc.,” she said.
According to a release from Caesars Entertainment, company leaders believe the combined business would strengthen its position in the hospitality industry. The company’s board has already approved the transaction and is recommending that shareholders follow suit. The announcement also said the current Caesars management team would remain in place.
Bokunewicz said concerns about potential casino closures may be limited if properties remain profitable and continue to serve distinct markets.
“Will he close one or more of the casinos? Each of the brands in Caesar’s portfolio has different, unique brands and target markets. As long as it remains profitable, I don’t think the risk is there because of the acquisition,” she said.
Regulators, including the Federal Trade Commission and local Atlantic City authorities, will now decide whether the deal can proceed.
Residents offered mixed reactions to the potential consolidation.
“They seem like they have enough money to go around; so it is what it is,” said Lisa Wilson of Atlantic City.
Others expressed concern about the broader economic impact.
“Atlantic City always has had its ups and downs, and hopefully this doesn’t lead to a downturn,” said Amy Berezin of Atlantic City.
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