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☆ The last time a Trump company went public it didn't go well for investors
▼ + stars: | 2024-03-23 | by ( Dareh Gregorian | ) www.cnbc.com time to read: +4 min

The newly merged company that's set to go public, Trump Media, will be listed on the Nasdaq stock exchange with the letters DJT, Trump's initials. In the initial public offering, the company raised $140 million, selling 10 million shares at $14 each. He also used company cash to buy Trump-branded merchandise, including $1.2 million on Trump Ice bottled water, the report said. Under the merged company, Trump would have nearly 80 million shares, worth around $3 billion. It's unclear when exactly Trump would be able to cash in on the upcoming listing for his social media company.

Persons: Ina, Revel, Wayne Parry, Donald Trump's, Trump, Jean Carroll's, Letitia James, doesn't, James, Donald Trump Jr, — CNBC's Dan Mangan Organizations: Taj, Atlantic City, Trump, Casino Resorts —, Trump Media, Nasdaq, Trump Hotels, Casino Resorts, New York Times, New York Stock Exchange, CNBC, The Washington Post, Social, Shareholders, Corp, Trump Media & Technology Group, New York Locations: Atlantic City, Washington, Atlantic City , New Jersey, —

ATLANTIC CITY, N.J. (AP) — Internet gambling revenue continues to soar in New Jersey, where online casinos are accounting for a growing share of the betting pie: Atlantic City's casinos and their online partners won $182 million in internet bets in February. But the news was not all good: Atlantic City's nine casinos won $211.5 million from in-person gamblers, down 1.6% from a year earlier. Bally's won nearly $19 million, up nearly 5%; Harrah's won $18.7 million, down 11%; Caesars won $16.2 million, down 15.5%; and Resorts won $12.1 million, down 4.3%. In terms of in-person revenue, Borgata won $53.6 million, down 6.7%; Hard Rock won $41.1 million, up 9.6%; Ocean won over $31 million, up over 18%; Harrah's won $18.2 million, down 14.7%; and Tropicana won $16.6 million, down 3.1%. Caesars won $16.4 million, down 13.7%; Resorts won $12.2 million, down 3.6%; Golden Nugget won $11.6 million, up 4:, and Bally's won $10.6 million, down over 13%.

Persons: ”, Jane Bokunewicz, Bally's, Harrah's, Borgata, Wayne Parry Organizations: CITY, of Gaming Enforcement, Atlantic, Atlantic City, Golden, Ocean, Tropicana, Caesars, Resorts, Resorts Digital, Caesars Interactive Entertainment Locations: N.J, New Jersey, www.twitter.com

Speaking at the Next.io forum on internet gambling and sports betting, several mentioned New York and Maryland as likely candidates to start offering internet casino games soon. And some noted that, despite years of difficulty crafting a deal that satisfies commercial and tribal casinos and card rooms, California is simply too big a market not to offer internet gambling. Shawn Fluharty, a West Virginia state delegate and chairman of a national group of legislators from gambling states, listed New York and Maryland as the most likely states to add internet gambling soon. Both men acknowledged the difficulty of passing online casino legislation; Thirty-eight states plus Washington, D.C., currently offer sports betting, compared to seven with internet casino gambling. Fluharty said four casinos opened in Pennsylvania after the state began offering internet casino gambling.

Persons: ”, Rob Heller, Shawn Fluharty, Brandt Iden, Iden, Fluharty, Joseph Addabbo, Kathy Hochul, Edward King, ” Adam Greenblatt, “, Wayne Parry Organizations: Spectrum Gaming Capital, West Virginia ., Betting, Gaming, Washington , D.C, New, Acies Investments, BetMGM Locations: U.S, New York, Maryland, California, Rhode, New Jersey , Connecticut, Delaware , Pennsylvania, Michigan, West Virginia, West Virginia . Nevada, Washington ,, Pennsylvania, Texas, www.twitter.com

That is why the casinos consider their core business to be money won from in-person gamblers. The in-person total continues to decline, still lagging the levels seen before the COVID19 pandemic began in early 2020. Golden Nugget won $63.5 million, up over 23%; Hard Rock won $51.5 million, up 19%; Ocean won $39.1 million, up more than 13%, and Tropicana won $26.1 million, up 4.5%. Bally's won $18.9 million, up 15.3%; Harrah's won $16.5 million, down 17.5%; Caesars won $15.1 million, down 7.6%; and Resorts won $10.8 million, down less than 1%. Golden Nugget won $11.2 million from in-person gamblers, up 2.3%; Resorts won $10.9 million, down 1.4%; and Bally's won $10 million, down nearly 13%.

Persons: Jane Bokunewicz, Lloyd Levenson, “, ”, James Plousis, Bally's, Harrah's, Borgata, Ocean, Wayne Parry Organizations: CITY, of Gaming Enforcement, Atlantic, Stockton University, Atlantic City, New Jersey Casino Control, Meadowlands, Jersey Shore, Freehold Raceway, Golden Nugget, Ocean, Tropicana, Caesars, Resorts, Resorts Digital, Caesars Interactive Locations: N.J, New Jersey, East Rutherford, New York City, Monmouth, Oceanport, Jersey, www.twitter.com

ATLANTIC CITY, N.J. (AP) — With this year's Super Bowl being played in Las Vegas, the nation's gambling capital, there was little doubt that betting on the big game would be huge. The 2023 Super Bowl between the Chiefs and the Philadelphia Eagles brought in $153.1 million worth of bets. In Pennsylvania, $71.5 million was wagered on the Super Bowl, down 15% from last year's Super Bowl, in which the Philadelphia Eagles lost to the Chiefs. Other states with big sports betting markets, including New York and Illinois, had yet to report betting levels for this year's Super Bowl as of Wednesday evening. Maine, which offered Super Bowl gambling for the first time, saw about $3.5 million wagered online, according to an estimate from the state's Gambling Control Unit.

Persons: sportsbooks, “ We’re, Chris Bevilacqua, ” BetMGM, Wayne Parry Organizations: CITY, Kansas City Chiefs, San Francisco 49ers, Nevada Gaming Control Board, Los Angeles Rams, Cincinnati Bengals, Chiefs, Philadelphia Eagles, Atlantic City, Super, of Gaming Enforcement, NFL Locations: N.J, Las Vegas, New Jersey, Pennsylvania, New York, Illinois, Maine, bettors, www.twitter.com

States require a gambler to be physically located within their borders in order to make online bets. Throughout Super Bowl weekend, GeoComply saw a total of 8.5 million active accounts, up 15% from last year's Super Bowl. “It was a bad Super Bowl for the sportsbook," said Tristan Davis, a senior trader at BetMGM. DraftKings would not release figures Monday about its performance during the Super Bowl. Several sportsbooks also issued odds for next year's Super Bowl winner, with the 49ers slightly ahead of the Chiefs.

Persons: Anna Sainsbury, GeoComply, Sportsbooks, Craig Mucklow, Travis Kelce, Isiah Pacheco, Deebo Samuel, Brandon Aiyuk, Tristan Davis, bettors, FanDuel, sportsbooks, Wayne Parry Organizations: CITY, —, Super Bowl, U.S, The Kansas City Chiefs, San Francisco 49ers, NFL, Super, Chiefs, 49ers, Caesars Sportsbook, Caesars, Associated Press Locations: N.J, Florida, U.S, Las Vegas, Vancouver, Canada, The, BetMGM

ATLANTIC CITY, N.J. (AP) — A former Atlantic City councilman who went to prison for bribery and a sex blackmail case is facing charges again. Craig Callaway, 64, is a sought-after political organizer and operative in and around Atlantic City, known for his ability to deliver large blocks of absentee ballots to election officials that often sway the outcome of elections. But he was arrested Thursday and charged with election fraud involving the misuse of absentee ballots — something of which his political foes had long accused him. Instead, Robinson went to the authorities, who filed charges that led to a three-year state prison term for Callaway. The election fraud charge carries a maximum penalty of five years in prison and a $250,000 fine.

Persons: —, Craig Callaway, Callaway, impartially, ”, Matthew Skahill, Megan Davies, –, Eugene Robinson, Robinson, Wayne Parry Organizations: CITY, Atlantic City, Attorney's, Prosecutors, FBI, Callaway Locations: N.J, Atlantic, Atlantic City, U.S, New Jersey

The casino sued and defeated an attempt by the insurers to dismiss the case. The high court agreed to take the case in order to resolve the legal question of what constituted loss or damage. “Based on the plain terms of the policies, we conclude that in order to show a ‘direct physical loss’ of its property or ‘direct physical . It concluded that the casino's pleadings “do not support a finding that it is entitled to insurance coverage.”The casino declined comment Wednesday. He said 14 state Supreme Courts around the nation have held that the mere interruption of business activity during the pandemic does not constitute physical losses.

Persons: Stephen Orlofsky, David Roth, Phil Murphy, Wayne Parry Organizations: CITY, AIG Specialty Insurance, Insurance, Co, Ocean, American, Democratic Gov Locations: N.J, Atlantic City, California, Los Angeles, Pennsylvania, New Jersey, www.twitter.com

Political Cartoons View All 253 ImagesThe action brings the state's total of preliminarily approved offshore wind projects to three — the same level it was at before Danish wind developer Orsted scrapped its two wind farms proposed for the state's southern coast in October. (Phil) Murphy are back on our front foot in terms of offshore wind,” he said. “New Jersey’s selection of an American-led project is a tremendous step forward for the growth of the domestic offshore wind industry,” the companies said in a statement. “Today’s NJBPU award brings the reality of offshore wind off the Jersey Shore one step closer, and it will build a future where wind can power our state’s economy and help us to transition off fossil fuels,” said Doug O'Malley, director of Environment New Jersey. The state plans to solicit another round of wind farm proposals in the first half of this year.

Persons: Christine Guhl, Sadovy, Damian Bednarz, ”, Tim Sullivan, Phil, Murphy, Today’s, Doug O'Malley, Anjuli Ramos, William Sproule, “, ___, Wayne Parry Organizations: CITY, of Public Utilities, New, New Jersey Economic Development Authority, Gov, Jersey Shore, Environment, Jersey, New Jersey Sierra Club, Eastern Atlantic States Regional, of Carpenters Locations: N.J, New Jersey, Seaside, , New Jersey, Atlantic Shores, Chicago, New York, Long, “, American, Environment New Jersey, Jersey Shore, New

But only half that money came from the casinos' core business: money won on their physical premises. Collectively, the casinos surpassed 2019 levels with $2.8 billion won from in-person gamblers, but that was accomplished largely on the strength of the three newest casinos. Hard Rock won $512 million, up 4.1%, and Ocean won nearly $415 million, up 16.3%. Harrah's won $254 million in person, down 1.5%; Tropicana won $240 million, down 3.3%; Caesars won $231 million, down 1.7%; Resorts won $163 million, down 2.3%; Bally's won $155 million, up less than 1%, and Golden Nugget won $146 million, down 1.8%. Among internet-only entities, Resorts Digital won $822 million, up 50.4%, and Caesars Interactive Entertainment NJ won $90 million, down 20.7%.

Persons: Money, Ocean —, James Plousis, Jane Bokunewicz, Lloyd Levenson, ”, Borgata, Harrah's, Bally's, Wayne Parry Organizations: CITY, Atlantic, New, New Jersey Division of Gaming Enforcement, Ocean, New Jersey Casino Control Commission, Atlantic City, Stockton University, Sports, Tropicana, Caesars, Resorts, Golden Nugget, Resorts Digital, Caesars Interactive Entertainment Locations: N.J, New Jersey, Atlantic City, www.twitter.com

☆ The New Green Investment: Getting Clean Energy to Big Cities
▼ + stars: | 2023-12-04 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

EnergyRe builds transmission lines to carry wind and solar power to big cities. Photo: Wayne Parry/Associated PressU.S. cities racing to cut their emissions are facing a roadblock: They can’t access the wind and solar power being developed in remote sites hundreds of miles away. Now a group of investors is betting on a startup that builds massive transmission lines to carry renewable electricity to urban areas.

Persons: Wayne Parry Organizations: Associated Press U.S

NEW YORK (AP) — It's the end of the road for Kiss. Many Kiss fans said they are not interested in paying to see virtual recreations of the band, including syndicated rock host Eddie Trunk. Political Cartoons View All 1277 Images“I have very little interest in seeing an avatar concert of Kiss, or anyone for that matter,” he said. It in no way is a replacement for the live concert experience. That was a reference to the absence of former Kiss band members from the final shows, despite Stanley's repeated statements that he'd be open to former members appearing in some capacity.

Persons: —, it's, Kiss, Gene Simmons, “, Eddie Trunk, ”, franken, Gary Stevens, Paul Stanley, Peter, Ace, Bruce, Stanley's, Ace Frehley, Peter Criss, Alice Cooper's, Simmons, Gibson Les Paul, Tommy Thayer, Stanley, Criss, Eric Singer, Thayer, ” Stanley, Elvis Presley, We're, ” Dee Snider, Wayne Parry Organizations: Kiss, New York City, Madison, Facebook, Detroit, Detroit Rock City Locations: New, —, New Jersey, Detroit Rock, ”, New York City, Madison, Queens, America, www.twitter.com

1977: The band releases “Love Gun” and a second live album, “Alive II.” The Gallup Poll names Kiss the most popular band in America. 1981: The band releases “Music From The Elder,” a concept album that evokes “Harry Potter” 20 years before that phenomenon began. 1984-1990: Kiss releases the albums “Animalize,” “Asylum,” “Crazy Nights” and “Hot In The Shade” as MTV embraces their new look. The band releases “Alive IV” with a symphony orchestra in 2003. 2009-2012: Kiss releases “Sonic Boom” and “Monster,” their final studio albums.

Persons: Yorkers, Gene Simmons, cabbie Paul Stanley, Elvis Presley, he'd, Wicked Lester, Peter Criss, Ace Frehley, Simmons, Stanley, Criss, Beth ”, “ Beth ”, ”, “, Kaskets, Eric Carr, Harry Potter ”, “ The, Vinnie Vincent, Mark St, John, Vincent, Bruce Kulick, Carr, Eric Singer, Alice Cooper, Lita Ford, Paul Stanley's, — Stanley, Kulick, Singer —, Frehley, telegraphing, Kiss, Tommy Thayer, Singer, Wayne Parry Organizations: Garden, Associated Press, Detroit, “, York, NBC, MTV, Kiss, Hall of Fame, Madison Locations: New York, Madison, Detroit Rock City, America

☆ Should Smoking Still Be Allowed in Casinos? Debate Roils Atlantic City
▼ + stars: | 2023-11-30 | by ( Jimmy Vielkind | ) www.wsj.com time to read: 1 min

Casino workers and smoking opponents held a rally in Atlantic City, N.J., last year in support of a proposed ban on smoking in the city’s casinos. Photo: Wayne Parry/Associated PressATLANTIC CITY, N.J.—Al DeMarco of nearby Blackwood comes to a casino here once a month, parks at a slot machine and lights up. For the 64-year-old retiree, pulling the lever is intertwined with pulling on a cigarillo. If he weren’t allowed to smoke, he would go someplace where he could.

Persons: Wayne Parry, — Al DeMarco, Blackwood Organizations: Associated Press, CITY Locations: Atlantic City, N.J

☆ Why No One Wants to Pay for the Green Transition
▼ + stars: | 2023-11-30 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

Orsted, a Danish developer of wind farms, pulled out of two projects off New Jersey and took a $4 billion charge. Photo: Wayne Parry/Associated PressIn the past few years, Washington and Wall Street started fantasizing that the transition to net-zero carbon emissions could be an economic bonanza. When Wall Street heard green energy, it saw profits. As Ford Motor launched an electric Mustang and pickup truck, its market value topped $100 billion for the first time. With electric vehicle demand falling short of expectations, manufacturers are dialing back production and buying back stock instead.

Persons: Wayne Parry, Biden Organizations: Associated Press, Wall, Ford Motor Locations: Danish, New Jersey, Washington

Political Cartoons View All 1274 ImagesNew Jersey's law banning smoking in public businesses specifically exempts Atlantic City's casinos. “I feel extremely confident that people will lose their jobs” under a total smoking ban. Support for a casino smoking ban is widespread among New Jersey lawmakers, with a bipartisan majority in both chambers, and Democratic Gov. Shreveport, Louisiana ended a smoking ban in its casinos in June. The casino industry opposes a smoking ban, saying it would lose customers and revenue if smoking were banned while still being allowed in casinos in nearby states.

Persons: “, ”, Lamont White, Nicole Vitola, Sen, Richard Codey, Joseph Vitale, ” Vitale, Fred Madden, ” Madden, Mark Giannantonio, Phil Murphy, Chris Moyer, “ We're, Christina Renna, ___, Wayne Parry Organizations: Democratic, Capitol, Democrat, Casino Association of New, New, Democratic Gov, Atlantic City, Chamber of Commerce Southern, Gaming, Washington , D.C, Resorts — Locations: TRENTON, N.J, Atlantic City, Casino Association of New Jersey, New Jersey, Pennsylvania, Rhode Island , Virginia , Kansas , Michigan, Nevada, Shreveport , Louisiana, Chamber of Commerce Southern New Jersey, Vegas, Washington ,, Boston, Maryland, Ocean, www.twiter.com

Currently, only six states offer internet casino gambling: New Jersey, Connecticut, Delaware, Pennsylvania, Michigan and West Virginia. (Nevada offers internet poker but not online casino games; Rhode Island has passed an online casino bill, but it is not expected to go into effect until March 2024.) One of those states may be Indiana, where an online casino bill died in February due in large part to fears that it would hurt the state’s existing physical casinos. Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City gambling industry, noted that in most internet gambling states, brick-and-mortar gambling revenue has grown alongside that of internet betting, although at a slower pace. “Casino revenue after the pandemic has stabilized, and online revenue is setting new records."

Persons: ”, Howard Glaser, Chris Krafcik, Krafcik, ” Krafcik, Elaine Vallaster, “, Vallaster, “ I've, David Rebuck, Jane Bokunewicz, Lloyd Levenson, Richard Schwartz, Schwartz, Wayne Parry Organizations: CITY, —, Atlantic, Rhode, “, state’s Legislative Services Agency, American Gaming Association, New, New Jersey Division of Gaming Enforcement, Stockton University, Rush Street Interactive, Twitter Locations: N.J, New Jersey, America, New Jersey , Connecticut, Delaware , Pennsylvania, Michigan, West Virginia, Nevada, U.S, Indiana, state’s, Pennsylvania, Connecticut, Delaware, Atlantic City, “ New Jersey, www.twitter.com

Hard Rock posted a gross operating profit of $44.3 million in the third quarter, up less than 1% from a year earlier. Gross operating profit reflects earnings before interest, taxes, depreciation, and other expenses, and is a widely accepted measure of profitability in the Atlantic City casino industry. “In keeping with the experiences of many resort communities along the New Jersey shore, Atlantic City saw a bit of a cooling off in summer 2023 compared to the pent-up post-pandemic energy seen in 2021 and 2022, said Jane Bokunewicz, director of the Lloyd Levenson Institute at Stockton University, which studies the Atlantic City casino industry. ”That said, it did outperform pre-pandemic 2019 for both net revenue and gross operating profit, suggesting that this could be part of a cycle of stabilization." The Tropicana had a profit of $36.7 million, down 11.5%; Harrah's had a $30 million profit, down over 13%; Caesars had a $21.1 million profit, down nearly 18%; Golden Nugget had an $11 million profit, nearly 4%; Bally's had a $7.3 million profit, down over 32%; and Resorts had a $7.2 million profit, down nearly 43%.

Persons: Gross, Jane Bokunewicz, Lloyd Levenson, James Plousis, Harrah's, Bally's, Wayne Parry Organizations: CITY, of Gaming Enforcement, Atlantic City, Stockton University, New Jersey Casino Control, Tropicana, Caesars, Golden, Resorts, Caesars Interactive Entertainment, Resorts Digital, Twitter Locations: N.J, New Jersey, Atlantic City, www.twitter.com

ATLANTIC CITY, N.J., (AP) — A fire broke out under the wooden Atlantic City Boardwalk on Wednesday right in front of the entrance to Resorts casino, melting part of its facade and burning the doors. But no one was injured and the facility was able to remain open, authorities said. Two restaurants near the fire were temporarily closed and hoped to reopen later Wednesday, Fire Chief Scott Evans and Resorts President Mark Giannantonio said. Black smoke boiled into the air as orange flames leapt beneath the Resorts sign. The casino was accessible through a secondary Boardwalk entrance as well as side entrances near parking areas, Giannantonio said.

Persons: Scott Evans, Mark Giannantonio, Evans, Giannantonio, Aris Matos, Michelle of, Matos, Wayne Parry Organizations: CITY, Atlantic, Boardwalk, Resorts, Fire Locations: N.J, Michelle of Shrewsbury , Pennsylvania, Atlantic City, www.twitter.com

ATLANTIC CITY, N.J. (AP) — Five Atlantic City casinos and a horse racing track are forfeiting over $77,000 worth of money won by underage gamblers or those who had placed themselves on a list to be excluded from gambling activities. The forfeited money will go to the state to be used for programs to treat compulsive gambling, as well as on programs benefiting senior citizens and those with disabilities. The Ocean Casino Resort forfeited over $7,500; Bally's forfeited over $5,600; Freehold Raceway forfeited over $4,400; the Golden Nugget forfeited over $4,200; and Harrah's forfeited nearly $900. Collectively, they have won more than $4.2 billion from gamblers through the first nine months of this year. But they do indicate ongoing enforcement of regulations by which all casinos and gambling operations must operate.

Persons: DraftKings, Bally's, Harrah's, Wayne Parry Organizations: CITY, Atlantic City, Rush, Interactive, of Gaming Enforcement, Resorts, Casino Resort, Freehold Raceway, Golden Nugget, Atlantic Locations: N.J, New Jersey, www.twitter.com

ATLANTIC CITY, N.J. (AP) — Steve Norton, who ran the first U.S. gambling facility outside Nevada — Resorts casino in Atlantic City — and gave advice around the world on how to set up and operate casinos, has died. His son, Rob, president of Cordish Gaming, said Norton died Sunday following an accident in his Oceanside, California, home. “Steve was an early and influential gaming executive in Atlantic City and at Resorts,” said the casino's current president, Mark Giannantonio. “He was an important leader in the Atlantic City market dating back to the 1970s. Norton used his experience as an Atlantic City casino pioneer to advise state governments — including in Louisiana, Illinois and Indiana — on how to adopt riverboat gambling, and in 1998 founded his own gambling consultancy company based in Indiana.

Persons: Steve Norton, Rob, Norton, Steve, ”, Mark Giannantonio, ” Norton, “, Sheldon Adelson’s, ___, Wayne Parry Organizations: CITY, Nevada — Resorts, Atlantic City —, Cordish, Resorts, Boardwalk, Associated Press, ” Resorts, Atlantic, Vegas Sands Corp, Gold River Gaming, Argosy Gaming, Indiana —, American Gaming Association Locations: N.J, Nevada, Atlantic City, Oceanside , California, Atlantic, New Jersey, Bahamas, Las Vegas, Louisiana , Illinois, Indiana, Singapore, South Korea, Kazakhstan, Andorra, Netherlands, www.twitter.com

OCEAN CITY, N.J. (AP) — Offshore wind power company Orsted is trying to get out of a $300 million guarantee it agreed to pay New Jersey in the event it failed to build its first wind farm off the state's coast. Last Tuesday, the Danish firm scrapped its Ocean Wind I and II projects in southern New Jersey, saying the projects were no longer financially feasible. It also was obligated to pay an additional $200 million toward the development of the offshore wind industry in New Jersey. Orsted wrote off $4 billion last week, due largely to costs associated with the cancellation of its two New Jersey projects. New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.

Persons: Orsted, ” Orsted, Phil Murphy, Alexandra Altman, Murphy, Wayne Parry Organizations: CITY, New, New Jersey Board of Public Utilities, Gov, Republican, Shell, EDF Renewables, Twitter Locations: N.J, New Jersey, Danish, ”, . New Jersey, Atlantic Shores, EDF Renewables North America, www.twitter.com

☆ Wind Power Write-Downs Cast Shadow Over Industry Outlook
▼ + stars: | 2023-11-01 | by ( Giulia Petroni | ) www.wsj.com time to read: +5 min

Wind-power developer Orsted scrapped projects in New Jersey citing supply-chain problems and high interest rates. Orsted , BP and Equinor have collectively written off $4.8 billion against U.S. offshore wind projects in recent days. Equinor, BP’s partner on the Empire Wind and Beacon Wind projects, booked an impairment of around $300 million on its U.S. portfolio. Utility Dominion Energy on Tuesday received a key federal approval for its 2.6-gigawatt offshore wind project in Virginia. And Orsted confirmed its final investment decision into Revolution Wind, an offshore 704-megawatt project in Connecticut and Rhode Island.

Persons: Wayne Parry, Orsted, Mads Nipper, henning bagger, ”, Phil Murphy ’, Martin Tessier, Stifel ’, —, Engie, Vattenfall, Russ Mould, AJ Bell, Dominic, Giulia Petroni Organizations: Associated, U.S, Agence France, Republicans, Democratic Gov, ”, BP, Iberdrola, Shell, Business, Siemens Energy, Dominion Energy, giulia.petroni@wsj.com Locations: New Jersey, U.S, Danish, New York, Connecticut, Massachusetts, Swedish, Norfolk, Virginia, Rhode Island, Asia Pacific, Europe

ATLANTIC CITY, N.J. (AP) — Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry. Some projects already have been canceled, and many offshore wind developers are seeking better terms from governments with whom they have already contracted. Despite the challenges, some wind projects are moving forward. Orsted said it is proceeding with its Revolution Wind project in Connecticut and Rhode Island. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.

Persons: ” Mads Nipper, “, ”, Louis Knight, Biden, Jeff Van Drew, “ David, Goliath, Robin Shaffer, Orsted, ___, Wayne Parry Organizations: CITY, New, Orsted, Northern, World Meteorological Organization, Sierra Club, “, U.S, Government, Office, Republican, Dominion Energy, Virginia Beach, American Clean Power Association, Oceantic Network, Shell, EDF Renewables, Atlantic Locations: N.J, New Jersey, Danish, U.S, New England, Carolinas, New York, Coast NJ, Connecticut, Rhode, Virginia, Atlantic Shores, EDF Renewables North America, www.twitter.com

Murphy said Orsted was facing the same supply chain, inflation and other challenges that competitors in the offshore wind industry face. The decision was the latest in a series of setbacks for the offshore wind industry in the northeast. A handful of other offshore wind projects have been canceled. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone. The White House in statement Tuesday night noted that in just the past week several investments in offshore wind had been made.

Persons: Orsted, Biden, Mads Nipper, ” Nipper, Phil Murphy, Murphy, “, ”, Republicans —, Jeff Tittel, ” Michael Kikukawa, White, Wayne Parry Organizations: CITY, New, New Jersey Gov, Democratic, Republicans, Sierra Club, Dominion Energy, Dominion, Shell, EDF Renewables Locations: N.J, Danish, New Jersey, United States, Connecticut, Rhode Island, East, New York, Massachusetts, Spanish, Virginia, Virginia Beach, U.S, Atlantic Shores, EDF Renewables North America, www.twitter.com

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