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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

Caesars said Friday that more than 470 Showboat employees have gotten jobs with other casinos the company owns, here or in other states. That figure represents about half the number who had applied for new jobs elsewhere in the company. The Showboat has more than 2,000 workers.

Fitch said the three Marina District casinos — the Borgata, Harrah's and the Golden Nugget — may benefit more than the Boardwalk casinos because the marina properties are "the freshest" after major renovations in the last 10 years and because boardwalk activities are dwindling.

But it also predicted the Taj Mahal, Caesars and Bally's will get more business.

"Most of the closings are at the ends of the Boardwalk, leaving a cluster of remaining casinos (including Taj Mahal, Caesars and Bally's) that should see a sizable lift in business from the closures," the company wrote.

Fitch also noted some positives for Atlantic City, including an 8 percent casino tax and diverse entertainment options.

"Atlantic City remains one of the few places in the populous tri-state area to offer a full suite of eat, play and stay options and has by far the lowest gaming taxes," Fitch wrote. "Lower taxes give these casinos more room in the margin to spend on promotional activity, including free food and hotel stays."

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