Ultimate Gaming announced that it would close its Nevada online poker site on November 17, 2014. Its Ultimate Poker site was the first regulated online poker room in the U.S. when it launched on April 30, 2013. It already closed its New Jersey operations after Trump Taj Mahal, its partner, filed for bankruptcy protection and stopped paying the company its share of revenues.
This move will leave just two Nevada poker sites; WSOP.com, operated by Caesars Interactive, and Real Gaming, operate by South Point Casino. WSOP.com is the market’s leader in terms of traffic. Real Gaming’s traffic is nearly zero.
Bloomberg News reported that Caesars Entertainment is in the planning stages of a bankruptcy filing. It is in negotiations with creditors to work out a prepackaged bankruptcy that would be filed in January 2015. This report was released one day after Caesars Entertainment announced that it lost $908 million in the Third Quarter of 2014. The company is nearly $23 billion in debt. The company also announced that it planned to lay off about one percent of its workforce.
The bad news continued for Atlantic City casino revenue. It dropped 4 percent in October over the previous year. Atlantic City casinos won $207 million in October 2014 versus $217 million in 2013. The 2014 numbers include online gaming. The bright spot is that seven of the eight remaining casinos posted gains against the previous year. The lone loser was Trump Taj Mahal, which may close in December due to its poor performance. It is currently in bankruptcy.
The struggles at SLS Las Vegas continue. The casino that replaced Sahara on the Las Vegas Strip shuttered its buffet. A poor location was blamed for its failure. Operations were already scaled back to Friday-Sunday from seven days a week last month. Several other dining options had hours altered to reflect the lack of demand, especially on weeknights. Many of the restaurants at SLS Las Vegas will now only operate five days a week as they rotate closing on weekdays.