Caesars to shut Showboat Atlantic City casino-hotel

|About: Caesars Entertainment (CZR)|By:, SA News Editor

Caesars Entertainment (CZR +0.2%) says it will close the Showboat Atlantic City casino-hotel this summer, citing the high property-tax burden and increased competition in Atlantic City.

CZR hasn't decided what to do with the property or land, which has a prominent position on the Atlantic City boardwalk.

Despite the closure, CZR says it would remain the largest operator in Atlantic City, and it is developing a new meetings facility in the area as well as other revitalization efforts.