“It’s a situation of continuing costs and flat revenues,” he said. “Minimum wage has gone up every year, affordable health care is now obviously another expense, and sewer cost is going up in the city… It was a simple matter of they weren’t making enough money so they had to shut it down.”
The Palace Casino, which shares property with Chips and is also owned by Michels Development, will remain open.
Between the two casinos, Michels Development employs approximately 176 FTEs. No word on how many of those employees will remain with the company moving forward.