Press of Atlantic City - Business Press

AP Video

As credit tightens, southern New Jersey businesses shift strategy

By ERIK ORTIZ Staff Writer, 609-272-7253

Published: Oct 01, 2008

Compared with the wild gyrations on Wall Street, the action at the slot machines and blackjack tables in Atlantic City may not be such a gamble after all.

But the casinos and other local businesses are hardly immune to the growing financial crisis. In response, they are pursuing strategies to control their costs and boost business.

Spirit Airlines, the only major carrier serving Atlantic City International Airport, has dropped unprofitable routes, most recently ending service this month from Long Island, N.Y., to Florida just three months after starting it.

The Miramar, Fla.-based airline also has cut jobs, reportedly 145 flight attendants and 120 pilots in the past three months. On Sept. 3, it furloughed 70 of its 500 pilots represented by the Air Line Pilots Association. More

Sep 29, 2008

• Details of Cordish bid for Tropicana revealed by conservator

2:47 p.m. Update - ATLANTIC CITY — A Baltimore developer would pay $450 million in cash and another $250 million in notes in a $700 million deal for Tropicana Casino and Resort, according to terms released Monday by the conservator overseeing the sale.

Sep 25, 2008

• Tropicana's former owners seek to block proposed casino sale

ATLANTIC CITY - Tropicana Casino and Resort's former owner is threatening to block the proposed $700 million sale of the gaming hall to a Baltimore developer, saying the offer is a "fire sale" price for a much more valuable property.

Sep 24, 2008

• Cordish Co. offers $700 million for Atlantic City's Tropicana casino

ATLANTIC CITY - A Baltimore developer known for transforming a blighted section of Atlantic City into a bustling downtown shopping district is in negotiations to buy Tropicana Casino and Resort.

Sep 23, 2008

• Cordish Co. offers $700M. for Tropicana in Atlantic City

7:25 p.m. Update - ATLANTIC CITY — A Baltimore developer known for transforming a blighted section of Atlantic City into a bustling downtown shopping district is in negotiations to buy Tropicana Casino and Resort.

Sep 21, 2008

• Renters' market on rise as frustrated sellers give up

Some homeowners are changing their minds - and their signs - by replacing "For Sale" with "For Rent" to make money to help meet the mortgage while riding out an uncertain housing market.

Sep 21, 2008

• Bottom Lines / Market turmoil is scary, but there are reasons for confidence

The scariest thing about the past week's market meltdown is that the best financial and economic minds in the world don't know where it is headed and when it will end.

Sep 20, 2008

• Developer says Atlantic City's Margaritaville casino has financing

TRENTON - Developers on the project to convert Trump Marina Hotel Casino into a Margaritaville-themed casino have secured a verbal agreement for financing, the chairman of the development firm announced to business and government leaders at a Friday morning discussion about Atlantic City's future casino construction.

Sep 19, 2008

• Local advisers urge investors to stay patient

The letters and e-mails were sent out Thursday - a way for certified financial planner George Leupold to reassure his clients that the turmoil on Wall Street this week doesn't mean disaster for their investment portfolios.

Sep 19, 2008

• Bankrupt Boscov's hoping for buyout from Philadelphia company

Boscov's Department Store wants to be bought out.