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
A day before the report was issued, Joe Lupo, senior vice president of the Borgata Hotel Casino & Spa, Atlantic City's top casino, said the market is already responding positively to reduced capacity.
"After the Atlantic Club closed, places like the Tropicana and the Golden Nugget are doing very well, and we had a great summer," he said. "While Revel has had a very difficult time, you have properties in Atlantic City that will become more profitable."
Fitch also predicted 60 percent of Trump Plaza's revenue and 75 percent of Showboat's revenue will stay in Atlantic City, particularly with Showboat's parent company, Caesars Entertainment, also owning three other casinos that will continue to operate in Atlantic City.
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