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AC Hilton's $1B Expansion Shelved

By Chuckmonster on Wednesday, 30th January 2008 1:03pm
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Atlantic City Hilton Expansion Project

Ladies and gentlemen, we have the first CityBOOM casualty. The Atlantic City Hilton's proposed $1B expansion that would've included expanded hotel, resort and casino offerings on the two gigantic parking lots out back has been cancelled.

At a regulatory hearing where owner Colony Capital had their gaming license extended, they told the board that the expansion has been shelved due to declining revenues caused by those pesky slot parlors in Pennsylvania.

Another excuse for the postponement of the AC Hilton expansion, could be Colony Capital's desire to buy the Atlantic City Tropicana, which they submitted an $850M bid on two weeks ago.

We're wondering whether or not the current financing crunch coupled with the PA slot parlor squeeze might push investors to kibosh other property expansions, acquisitions and upgrades over the next year. Just when you thought Atlantic City was turning the corner...

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