Saturday, February 13, 2016

Penn National Gaming chairman pans Atlantic City's prospects

Atlantic City is "O-V-E-R" in its ability to compete as a top gambling destination, Peter Carlino, chairman of Penn National Gaming Inc., said in a speech at a New York investors conference this month, according to a CNBC report.

Penn National Gaming chairman pans Atlantic City's prospects

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Atlantic City casinos launched online gambling this week with hopes of revival for the struggling industry, but three weeks ago, Peter Carlino, a veteran gambling executive, said the city was done as a top-notch destination.

This is how CNBC reported Carlino's remarks on Atlantic City:

On the U.S. market, Carlino said Atlantic City was "O-V-E-R" in terms of its ability to compete as a marquee gaming destination.
"Atlantic City is a tragedy from a lot of points of view," said Carlino, who is not involved in the market.
"They had a 100-year head start with a pile of cash. ... Atlantic City could have and should have been Cannes; and I'm not joking. It could have been the finest city, like the French Riviera."
Instead, Carlino said: "They still have street people pushing carts down the street, and worse, in that town. They did nothing with what they had, nothing."

Read the full CNBC report on the Nov. 8 speech at the Baron Investment Conference here.

Carlino, who is chairman and chief executive of Gaming & Leisure Properties Inc., which was spun off from Penn National Gaming this month, also talked about the difficulty of getting into the Asian market without violating U.S. laws against paying off government officials.

Carlino said he looked at deal in an unnamed country, but was put off by a line item in the budget for payments to border guards.

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Reporter Jennifer Lin follows the competition among the six contenders for Philadelphia’s second gaming license.

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