Atlantic City Turning Into A Ghost Town; May Lose Five Casinos This Year
More bleak news for Atlantic City. The Trump Taj Mahal is expected to close in November, which would mean that five of the city’s 12 casinos shut down this year.
Trump Entertainment Resorts, which had previously announced that Trump Plaza Hotel and Casino would close this month, said Tuesday that the second Trump-branded casino in Atlantic City is likely to close two months later.
Barring any “significant expense reductions, the Trump Taj Mahal is expected to close on or shortly after November 13, 2014,” the company said in a statement e-mailed to The Washington Post on Tuesday morning.
In addition, Trump Entertainment Resorts said it had filed for Chapter 11 bankruptcy protection in Wilmington, Del. The company last filed for bankruptcy in 2009, emerging from bankruptcy the following year after eliminating debt and announcing an injection of fresh equity.
The company had announced in July that Trump Plaza, a hotel at the center of Atlantic City’s boardwalk, would close in September. That appears to be on track, as the company still expects Trump Plaza to close next week. The New Jersey Division of Gaming Enforcement approved the casino’s request to close.
This is the latest blow for Atlantic City, the onetime gambling hub that is experiencing financial decay up and down the boardwalk. The city’s casino revenue has plummeted in recent years as casinos in other states in the Northeast opened. As revenue fell, casinos began to shut their doors, costing thousands of people their jobs and leading to this rather remarkable fact: At the beginning of the year, Atlantic City was home to a dozen casinos. By Thanksgiving, that number could be cut nearly in a half.
Read Morehttp://www.washingtonpost.com/news/post-nation/wp/2014/09/09/trump-taj-mahal-is-expected-to-close-which-means-atlantic-city-may-lose-five-casinos-this-year/
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Whistler Blowers, Insiders
And the government would have you believe that the economy is very strong and the dollar is breaking all barriers in its strength. The rich get richer, the poor die.
great spot for a FEMA camp.. salt air do ya good..
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