Catskills Gaming Plans Will Slow Growth in Atlantic City, According to Bear Stearns.Business/Gaming & Entertainment Editors ATLANTIC CITY, NJ--(BUSINESS WIRE)--April 26, 2000 Speaking at the Mid-Atlantic Gaming & Entertainment Congress & Exposition, Bear Stearns senior managing director and gaming, lodging and leisure analyst Jason Ader predicted that the proposed casino in the Catskills could slow expansion and development in Atlantic City. The planning of the Catskills casino, which is slated to be developed by the St. Regis Mohawk Indian tribe INDIAN TRIBE. A separate and distinct community or body of the aboriginal Indian race of men found in the United States. 2. Such a tribe, situated within the boundaries of a state, and exercising the powers of government and, sovereignty, under the national next to the Monticello Raceway in Sullivan County, could defer plans to construct casinos and hotels in Atlantic City. "Right now people are taking a wait and see attitude," explained Ader. "No one wants to run ahead and construct new casinos in Atlantic City if more lucrative options are going to present themselves down the road." Several casinos are planned for Atlantic City, including those by MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. Grand and Boyd Gaming, but construction on those properties has yet to begin. Ader predicted that if the St. Regis Casino were granted final approval by New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State, other tribes and municipalities could also begin to offer gaming. "It is feasible that casinos could begin to pop up in various sectors of the Northeast, which would give gamblers more opportunities and threaten Atlantic ATLANTIC Cardiology A clinical trial–Angina Treatments–Lasers And Normal Therapies In Comparison City's dominant market share. Atlantic City has done a good job of holding its own against the Connecticut casinos at Foxwoods and the Mohegan Sun, but that will become more and more difficult if additional casinos open." As a result, Ader predicted only modest growth in Atlantic City over the next five to 10 years. Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ). With approximately $23.2 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers global clearing services to broker dealers, prime broker clients and other professional traders, including securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has more than 10,200 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and San Juan; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com. |
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