The Hilton Casino in Atlantic City plans
$1billion expansion
A new expansion plan of
Hilton Casino Resort in Atlantic City, NJ had surfaced during
the testimony Wednesday before the state Casino Control
Commission, which renewed the casino's five-year operating
license.
According to the plan,
Hilton Casino Resort would invest over $1 billion into the
building of a new tower to the resort, and expansion of its
casino floor to 120,000 square feet. According to Tony Rodio,
regional president of the Hilton, the resort is turning away
over 35,000 every month because of the lack of rooms, and this
plan would enable the resort to capitalize on the otherwise lost
clientele.
The plan has not yet been
approved by the Hilton Casino Resort's parent company - Resorts
International Holdings, and a presentation is scheduled to take
place in Las Vegas on the 24th this month to convince the owners
of the possible future benefit of the pricey expansion.
Although Hilton Casino
Resort saw increasing profits in 2006 by nearly 79%, there is
another casino in the process of being built close to the
Hilton, which may in the future be a strong competitor in the
already quite crowded Atlantic City. However, last year Hilton
had the highest average occupancy rate of all the 11 casinos in
NJ, which would help in "selling" the new plan in front of the
parent company's board.
04/20/2007
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