Unimaginably, the tourism of Atlantic City, the once glorious entertainment prolific coastal holiday destination, is on the decline. This once gambling hub has recently lost patronage as east coast go to place to unwind and enjoy luxurious dinners and gambling nights.
As four of the twelve casinos have closed down and the probability of a fifth casino to add to the number by November this year. Atlantic City has clearly lost its edge and has been for a while, as increasing number of casinos in this saturated gambling market doesn’t seem to be drawing larger crowds or patrons to the area. Instead tourist revenue has been spread over and between the many casinos in the coastal town, not leaving much profit for any single entity.
Decline in business
Ever since 2006 there has been a steady decline in profits with recorded $5.2 billion profit then to a faltering $2.86 billion earned last year. Top casino hotels saw reduced returns with increasing competition as new casinos opened in other states spread across the Northeast region.
Trump Plaza, no longer run by Donald Trump, has filed for bankruptcy as it tries to cope with reported a $7.4 million loss over the first six months this year alone. While frequently declared bankrupt, Revel casino announced a shocking loss of $46 million during the first six months of this financial year.
Showboat Casino, Revel Casino, and branded Trump Plaza Hotel and Casino have shut their doors to players. This turning point is expected to revitalise the economy as fewer casinos in Atlantic City means the remaining establishments will see better numbers and increased business.
This decrease in revenue brought about dynamic solution as casino operators have decided to close business to support dwindling economy in the tourist state.