Tables Cold In Atlantic City

Good news is scarce in Atlantic City, N.J., with several casino properties saying the future still looks bleak.

All 11 Atlantic City casinos are struggling. Resorts Atlantic City, which was taken over by lenders in December, says it may not survive and Atlantic Hilton Casino Resort, which defaulted on its mortgage last year, could be headed in the same direction.

Resorts claimed three major storms in the winter as among reasons for its severe cash shortage; a casino analyst has confirmed the company is in serious trouble. For 2009, Resorts posted an $18 million loss on $161 million in revenue.

All three of the city’s casinos that were formerly owned by Trump Entertainment Resorts remain in bankruptcy court, but a judge is expected to decide soon who will take them over. Candidates are Donald Trump, who built the casinos but lost them in a separate bankruptcy years ago, and billionaire Carl Icahn.

If Icahn lands Trump Marina Hotel Casino, it may close, according to his testimony in the bankruptcy case. Trump Plaza Hotel & Casino posted the biggest drop in gross operating profit last year, falling nearly 75 percent to $9.2 million on $967 million in revenue.