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Atlantic City’s Glory Days Are Officially Over

Tuesday, September 2, 2014 7:22

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Atlantic City’s Glory Days Are Officially Over

Posted By: Jordon [Send E-Mail]
Date: Tuesday, 2-Sep-2014 10:07:47

Total Wipeout In Atlantic City

In case you had any doubt that the attempt by Atlantic City to revive itself as a gambling destination had completely flopped, check out the series of casino closures that are all happening right now.
This is from Capital NY’s Capital Real Estate newsletter:
Atlantic City as we know it is dead: Showboat closed Sunday. Revel, the city’s newest and most expensive resort, pushed hotel guests out the door on Monday and closed its casino floor early this morning. Trump Plaza is to fold in two weeks. And just like that, Atlantic City’s glory days are officially over. Never again will the city be the gaming mecca it once was.
Atlantic City’s economy is already ailing, and just the closure of Showboat and Revel will cost the city 5,000 jobs, according to the AP.
The closures are simple to explain: Total gambling revenues were over $5 billion in 2006. Today they’re about $2.6 billion.
Meanwhile, things are getting a little melodramatic at Revel, a $2 billion boondoggle that has twice filed for bankruptcy.
With nightclubs, gourmet restaurants, and a spa, Revel was supposed to represent a new era for Atlantic City. Morgan Stanley invested $1.2 billion, and upon its completion in 2012 the project’s main tower became the second-tallest building in New Jersey
Instead, the project didn’t last a year before filing for bankruptcy, as the Great Recession wiped out interest among gamblers. Morgan Stanley sold its stake at a $932 million loss.
In a recent press conference, A.C. officials tried to put a sunny face on the situation. Resorts Hotel and Casino CEO Mark Giannantonio insisted his units were having “the best summer in about a decade.” The head of the town’s non-profit promotional organization likewise said data showed stronger activity this year.
But Mayor Ron Guardian acknowledged up to 300 city employees will have to be laid off.

Source

Source: http://nesaranews.blogspot.com/2014/09/atlantic-citys-glory-days-are.html

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