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***GambLux EDITOR NEWS*** |
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Penn National Gaming Cancels Casino Project in Atlantic City
[Monday, February 09, 2009]
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On Thursday, Penn National Gaming pulled out its plans to build a new casino in Atlantic City. The Pennsylvania gaming firm announced that with the status of the US economy, it was not the right time to build a luxurious casino which would have been built in an area far away from the 11 existing casinos handled by Penn National.
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The company is developing quite a reputation for planning to built a casino and then pulling out the project in the end. This would be the second time that Penn National scrapped its plans to avoid competition. About a year ago, the company had a deal with the government of Kansas to build a casino but later on decided to cancel the plan reasoning out that the neighboring tribal casino is too strong against their planned casino project.
In Atlantic City, MGM Mirage and Pinnacle Entertainment both scrapped their casino projects which would help the city regain its power in the casino industry but unfortunately, the status of the US economy changed their plans like what happened to Penn National. This city's income is slowly decreasing as the revenues of the current Atlantic City casinos are decreasing every month. The recession has been a rough road for the gambling industry especially the casinos. This is already evident as developers have already cancelled their expansion plans in different states and Nevada, which is the current pioneer in gambling and casinos, is also going through a crisis as the state is experiencing the lowest revenue figures of all time.
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