Tuesday, September 22, 2009

Bad news for the Pier Shops at Caesars

Word out today that the group that owns the Pier Shops at Caesars is writing over $100 million off the value of the property and will stop subsidizing the stores.

This is a major blow to the property, and the city. The Pier Shops has been held as a glittering example of the new Atlantic City. I tell people about it. It's fun, but it has not lived up to its proclaimed potential. I'd heard rumblings of trouble before, and they first spouted out in April when Stephen Starr sued the owners and landlord of the Pier about a deal that brought him to open two restaurants there.

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