Caesars Entertainment is to close its Showboat Atlantic City on August 31.
The decision to shut down the property follows persistent declines in business levels in the area, made worse, the company said, 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 stabilise our business in Atlantic City and support the viability of our remaining operations in the vicinity," said Gary Loveman, chairman and CEO of Caesars. "Since 2006, revenue in Atlantic City has declined by more than $3bn and competition in the city has increased.
“We sincerely appreciate the service, dedication and professionalism shown by the employees of the Showboat over the years to provide our customers with incredible experiences."
Caesars is offering assistance to Showboat employees affected 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 business. It remains the largest operator in Atlantic City.
