Why three Atlantic City casinos are closing
The Trump Plaza, The Showboat, and Revels in Atlantic City, N.J. will all close in the next few days, leaving more than 5,000 people out of work. Why is Atlantic City gambling on the wane?
By Wayne Perry, Associated Press / August 30, 2014
There was a promise when casinos came in here that these would be good, viable jobs, something you could raise your family on and have a decent life with," said Paul Smith, a cook at the Trump Taj Mahal Casino Resort. "I feel so bad for all these people losing their jobs. It wasn't supposed to be like this."
Mayor Don Guardian says his city is remaking itself as a more multifaceted destination, where gambling is only part of the allure. But he acknowledges the pain this weekend will bring.
"This is going to be a difficult few weeks for many of us in Atlantic City," he said. "People will lose their jobs, and that is never good news. Our hearts go out to our neighbors and friends. We still have difficult waters to navigate."
Fitch Ratings predicted in a recent 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. Showboat and Revel are closing this weekend; Trump Plaza shuts down Sept. 16. After that, Atlantic City will have eight casinos after starting the year with 12.
Fitch predicted at least 50 percent of Revel's revenue will go to the remaining casinos, judging by increases that the Tropicana Casino and Resort and the Golden Nugget Atlantic City have seen since the Atlantic Club closed down in January.
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