Atlantic City casinos sustained only minor storm damage and could reopen by Nov. 1, according to Anthony Rodio, president and chief executive officer of Tropicana Entertainment Inc. (TPCA:US)
Reopening will depend upon the lifting of mandatory curfew and evacuation orders, Rodio said in an interview on Bloomberg Television. As authorities assess the damage, casino operators need a notice of about 24 hours to get staffs in place, he said.
“Even though none of the casinos sustained any significant damage, we obviously are not in a position to reopen until the state of emergency and evacuation orders have been lifted,” said Rodio, who also heads the local casino operators’ group. “The real question is the surrounding areas and infrastructure and roads, and everything the state has to do in terms of getting power back to the citizens and the streets and the roads cleared.”
Gary Thompson, a spokesman for Caesars Entertainment Corp. (CZR:US), said some of the company’s four Atlantic City properties incurred extensive wind damages to their roofs and local teams were working to complete assessments and repairs. Caesars, based in Las Vegas, is the largest casino owner in Atlantic City.
Rodio said it was too early to assess the financial effect on casino operators.
“There’s going to be a financial blow,” Rodio said. “But it’s a one-time occurrence, and I think the investment community and Wall Street understands that.”
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