Business Briefs

Forstrom named to Chairman’s Cabinet

FAIRMONT – Douglas Forstrom of Fairmont has been named a member of the 2014 Chairman’s Cabinet of New York Life.

Members of the elite Chairman’s Cabinet are the top 50 highest-producing agents among New York Life’s sales force of more than 12,000 licensed agents.

Forstrom has been a New York Life agent since 1977, and is associated with New York Life’s Minnesota general office in Minneapolis.

Firm: Atlantic City losing 3 casinos

ATLANTIC CITY, N.J. (AP) – A Wall Street firm predicted Friday that much of the revenue generated by three Atlantic City casinos that are closing will remain in the city after they’re gone.

Fitch Ratings predicted in a report that the city’s casino revenues will decline to $2.5 billion in 2015 from last year’s $2.86 billion. It also said it does not see any more casinos closing in Atlantic City for at least the next two years.

The firm also predicted that a good chunk of the money being won by the Showboat, Revel and Trump Plaza will go to the surviving Atlantic City casinos.

Atlantic City will have eight casinos after starting the year with 12.