They actually did it!

Implications: The New Jersey Gaming Board has denied the Trpicana owners the renewal of their New Jersey Gaming license

Analysis: The implications of the actions of the New Jersey Gaming Board stretch throughout the entire Gaming Industry. For Columbia Sussex, is this a mixed blessing? Obviously from an ego standpoint, this is devasting news and one wonders what the heck did they buy if Atlantic City is out of the picture. The good news may be that they can take the funds from the sale of the AC Tropicana and invest in the Tropicana in Las Vegas which god knows needs funds badly! The industry now has the opportunity to access the value of the Atlantic City property in todays economic environment as well as present an opportunity for some smaller or prominent operators to maybe get a foothold in AC. Such companies as Pinnacle, Ameristar, Penn National, Wynn, and Las Vegas Sands may all kick the tires of this property as well as some significant Native American interest may surface. I have consistently been a critic of Columbia Sussex, specifically their inability to address revenue shortalls through any kind of aggresive casino marketing program. I will tell you that I was very surprised that the company was not given the opportunity to cure their problems before they got the rug pulled from underneath them. The next few months should be VERY interesting