Jim Kennedy

“The first time is history…. The second is tragedy" - M Showboat Current Financial Condition is farce The Showboat Resort in Atlantic City has experienced two waves separate by a decade of financial trouble: its initial decline and closure as a profitable casino in 2014 under Caesars Entertainment was a tragedy , and its current 2026 foreclosure crisis under developer Bart Blatstein is a farce. Today, Showboat the non-casino resort which is rewriting the playbook for repositioning a casino hotel into a non casino entertainment resort destination I s facing a potential forced sheriff's sale due to a massive debt default. The 2026 Foreclosure and Loan Default The current financial distress stems from a civil complaint filed in the New Jersey Superior Court by Computershare Trust Company, acting on behalf of commercial mortgage-backed securities investors. •The Core Debt: The lawsuit alleges that Showboat's ownership defaulted on a $48.5 million commercial mortgage loan. The lender is moving to collect a multi-million dollar default and push the property toward a sheriff's sale. •17 Months of Non-Payment: Court filings indicate that the resort has failed to make monthly debt service payments since April 2025. •Layered Financial Delinquencies: Beyond missing loan payments, the lender highlights several other operational defaults: ◦Over $223,000 in unpaid property taxes. ◦Failure to pay property insurance, forcing the lender to advance nearly $970,000 in premiums. ◦At least five open contractor and construction liens. ◦A missed mandatory building renovation deadline. [1, 2] I u ir•Revoked Business Registration: Due to a failure to file required annual reports, the state of New Jersey suspended the Showboat’s business registration in March 2026. [1] •Terminated State Funding: In September 2026, the New Jersey Economic Development Authority (NJEDA) terminated a $4.2 million grant previously approved for the property because Blatstein was unable to resolve the outstanding liens on the resort. Bujbi An AI program assembled the data from published records.a uu u

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Georgie Norcross’s purchase of the Trump Plaza site puts in a dominant position over a huge portion out the AC Monopoly Board. Boardwalk Hall is key to Atlantic City future as an entertainment an sports destination . The Plaza site is the key to optimizing Boardwalk Hall. The Plaza site connects Boardwalk Hall, vThe Walk and Caesars Pier - a million square foot entertainment retail district. The Plaza serves site anchors the Boardwalk to a pedestrian connection that connects to the Convention Center. George Norcross hasn’t just bought for himself $5 million dollars a seat at the table he’s bought the table

George Norcross buying the Plaza makes the Sheraton deal much harder to do. Both projects will require large amounts of highly competitive state tax credits George Norcross is the odds on favorite to jump to number one in the state project funding line. What some see as George Norcross’ shit others see as Atlantic City urban project development fertilizer

Norcross purchases Trump Plaza Based on recent tax and property records, the Philadelphi Business Journal…. George Norcross and his partners purchased the 10.7-acre former Trump Plaza Hotel & Casino site in Atlantic City for a total sale price of $5 million. The breakdown of the purchase costs is as follows: •Total Cost: $5,000,000 •Cost Per Acre: $467,289 What the Trump plaza shows is he believes boardwalk casinos will generate for the next five years ,parking revenue and after that there is a chance

The Atlantic City Press reports that the New Jersey Economic Development Authority will not consider a request for a tax break for the Sheraton Atlantic City Convention Center Hotel at its meeting Thursday. With only one more meeting left before the hotel’s self-imposed Dec. 15 shutdown date if it does not get incentives under the state ASPIRE program. The NJJEDA ASPIRE program rules are currently under review. There is no new ASPIRE grant round set. But, without new rules adopted it’s highly unlikely that new ASPIRE grants are awarded before March. Sheraton owner Tom Scannapieco said Wednesday the Sheraton days appear numbered. Without a Plan B the Sheraton days number is Dec.15.

“No one really knows how the game is played The art of the trade How the sausage gets made We just assume that it happens But no one else is in the room where it happens.” The first draft of the CRDA Act gave the Atlantic County Executive a CRDA board seat. The second draft didn’t include a board seat. For four decades the Atlantic County Executive s have been excluded from the governing process. It makes sense to let the Atlantic County Executive have a seat in the room where it happens.

Atlantic City was incorporated in 1854. It’s 175 Anniversary is beginning to shake more like a Memorial than a celebration. The cadence must be changed. It cannot continue to be the beat of economic doom. Use three years well.

Fitch Ratings has downgraded to negative outlookAtlantic County Improvement Authority general obligation revenue bonds series 2016A and 2021A. This is not necessarily bad …. but it will surprise most that Atlantic County is part of Stockton University’ fiscal mess. The ACIA bonds finance the Atlantic City Stockton Campus development. ACiA bonds present Atlantic County with no default risk.

The threat by the owners of the Sheraton Atlantic City Convention Center Hotel to close in December has already cost the city $147 million in lost convention and meetings business, -Gary Musich, president and CEO of Visit Atlantic City, The Sheraton developer Tom Scannapieco has engaged in an aggressive course of action which could result in the Sheraton closing and heavy losses to convention center business. Scannapieco has made a demand for a $100 million state tax credit. The Sheraton has for the past four decades ben part of Scannapieco’s development portfolio. In the mid/1980’s Scannapieco was Atlantic City’s wonder kid developer in rapid succession putting together the Sheraton, Bella and a ton of row homes. Scannapieco has deep AC experience,doesn’t blink and will milk the Sheraton for every dollar.

AI Mode Conversation: hard rock memorabilia steel pier Hard Rock features a massive museum-quality collection of music memorabilia, and it sits on the historic Atlantic City Boardwalk right across from the iconic Steel Pier amusement park. Hard Rock and Steel Pier

New. York City casinos are expected to cost Atlantic City 3,500 casino jobs over the next three year. Atlantic City may be looking at a three casino reduction.. Casino economic models are more art than science. But there seems to be a 3,50 job loss consensus building. It’s important to note that over 2,000 residents in Atlantic City job loss will be devastating. The 3,500 Atlantic Count job loss may trigger a regional depression.

The Sheraton HQ Hotel should not be difficult to fund. The developer Tom Scannapieco built the Sheraton thirty years ago when financing was hard. Scannapieco was right when he says much of the Sheraton financial current mess is result of the Convention Center failing to produce an adequate room night count. The simple plan passed over by the developer would be to refurb about 250 rooms with the additional rooms added as convention room nights are increased. Convert the 250 room balance into 1 bedroom and 2 bedroom condo units. The condo units are subject to strict blackout rules which mandate availability for conventions.

Sheraton Atlantic City Convention Center Hotel cost $78.2 million to construct when it originally opened in 1997. The CRDA in addition contributed land, parking lot and infrastructure costs. The Sheraton total project costs were close to $135. The AC Convention business peaked a few years later. Sheraton has been in financial difficulties for almost that entire time. It has $55 million already from the initial deal invested in the what Sheraton has now put on the table. Sheraton has little real economic value… CRDA is literally a buyer of last resort.

The rich get richer and the poor get poorer Atlantic City. maintains one of the highest poverty rates in the state, standing at 32.3%. In state-wide assessments of economic hardship, Atlantic City consistently ranks at or near the very top, frequently cited as the #1 poorest city overall or holding the #2 highest poverty rate among New Jersey municipalities, trailing closely behind Camden. The city's financial landscape reflects a deep structural wealth disparity. NYC Casinos present Atlantic City extreme economic challenge.

Catalytic regional tourism uses visitor spending and hospitality investments to trigger a chain reaction, stimulating broader łeconomic growth far beyond the initial tourism investment. Rather than acting as an isolated investment , serves as an engine that boosts secondary businesses, funds civic projects, and elevates local living standards. Seven Catalytic Tourism projects that could transform the Atlantic City Region. 1. Bader Field Athletic Center HS Championship, Regional Tournaments, Fantasy Camps 2 Gardens Basin/ Lighthouse Sailing Center, Wood Boat Workshop 3. Farm to Table/. Wine Trail. Culinary School, Distillery 4. Aquatic Center Regional Tournaments, HS Championships 5 Caesars Pier/ Boardwalk 6. Steel Pier Music Pavilion 7. Down Beach Arts Restaurant District Seven Project thatcan redefine Atlantic City as a culinary,sports, music and arts destination.

Showboat Atlantic City, Lender Skeptical That Business Is Booming downbeachbuzz.com/showboat-a… #Atlantic City #Casino

Stockton University is in deep financial distress Stockton should determine whether if a sale leaseback is an appropriate financial action given current financial conditions. A sale leaseback allows a higher education institution to sell its land or buildings and immediately leaseback. This allows the college to monetize some of its real estate. Sales leaseback can provide a fund to eliminate structural debt