Atlantic City Hilton Hotel
With no Buyers Emerging, Atlantic City Hilton Casino Resort Could Soon Close; Sale of Property hilton atlantic city casino — Hotel-Online Hotel Online News for the Hospitality Executive By Donald Wittkowski, The Press of Atlantic City, Pleasantville, Check this out />McClatchy-Tribune Regional News Aug.
Unless a new owner comes to the rescue, gaming analysts predict the Atlantic City Hilton Casino Resort may not be able to hang on much longer.
Andrew Zarnett, who tracks the casino industry for Deutsche Bank, doubts the Hilton can be saved.
Lenders led by the U.
National Bank Association put foreclosure proceedings on hold in January after reaching agreement with Hilton owner Colony Capital LLC to sell the Boardwalk property.
Hilton Hotels confirmed in June that it had ended a licensing agreement that allowed the casino to use the Hilton name.
It will have to come off those eventually.
Any buyer would face the expensive task of rebranding the casino.
The signage is an astronomical expense.
The reason the seller wants to do a stock sale is because he wants hilton atlantic city casino make a clean break and move on and never have to think about it again.
Michael Coster, a senior vice president at Houlihan Lokey who is overseeing the sale, declined to comment.
Lisa Baker, a public relations representative for Colony Capital, said the company would not comment on the sale and name change.
The Hilton sale comes as Atlantic City continues to struggle with the fragile economy and stiff competition from surrounding states.
It is down an additional 7 percent through the first six months of this year.
For a while, lenders tried forcing the Hilton into foreclosure.
Then the decision was made to sell it.
Lenders took charge of Resorts in 2009 after it defaulted on its mortgage.
There is a huge difference, however, between the way the Resorts and Hilton sales are structured.
Other challenges confront the Hilton in addition to the search for a new buyer.
Among them, the Hilton is limited by its somewhat remote location at the southern end of the Boardwalk casino district.
Despite those improvements, the Hilton is hampered by its small amount of casino space and hotel rooms.
The Hilton has 809 hotel rooms, the second-smallest number in the casino industry, figures compiled by the New Jersey Division of Gaming Enforcement show.
The Hilton has room to grow on adjacent property it controls along Pacific Avenue, between Boston and Sovereign avenues.
When the casino first opened in 1980, it was called the Golden Nugget, a glitzy resort owned hilton atlantic city casino Las Vegas gaming mogul Steve Wynn.
After Colony bought the property, the Hilton name remained on the casino through a licensing agreement with the hotel chain.
The luster of the Golden Nugget era has faded into history.
Now, the place has a hilton atlantic city casino feel to it.
A small, landscaped park decorated with a white gazebo and old-fashioned lamp posts complements the outside of the building along Pacific Avenue.
Yet some touches give hints of Golden Nugget-style opulence: Large, ornate chandeliers hang from a barrel-vaulted ceiling decorated in gold-hued glass.
Herb Silow, 68, of Hasbrouck Heights, Bergen County, said he catches a bus to Atlantic City five times a week to gamble at the Hilton.
But even a loyal customer such as Silow was quick to criticize the Hilton.
Copyright c 2011, The Press of Atlantic City, Pleasantville, N.
Distributed by McClatchy-Tribune Information Services.
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