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Stock Market & Financial Investment News

News Breaks
June 27, 2014
10:55 EDTCZRCaesar's to close Showboat Atlantic City, effective August 31
Caesars Entertainment Corporation announced it will close Showboat Atlantic City effective August 31. The difficult decision to close the property follows persistent declines in business levels in the area exacerbated by the high property-tax burden in Atlantic City. "While we regret the impact that this decision will have on our Showboat associates, we believe this is a necessary step to help stabilize our business in Atlantic City and support the viability of our remaining operations in the vicinity," said Gary Loveman, chairman and CEO of Caesars Entertainment. Caesars Entertainment is offering assistance to Showboat employees displaced by this decision, including providing preference for available positions at the three remaining Caesars-affiliated Atlantic City properties as well as sister properties in the region and across the enterprise and other transitional resources. Caesars remains the largest operator in Atlantic City and will continue efforts already underway to help revitalize and transform the area. Showboat will remain fully operational until its closure and will honor all room reservations and events until that time. Customers with reservations after August 31 will receive assistance in finding alternate accommodations.
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July 25, 2014
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