Atlantic City Casino’s Revenue Slashes By Half In The Past 9 Years, Sparking Dramatic Steps
Atlantic City casino's revenue has decreased by half in these past 9 years. The casino industry is still far from the fame it gained in 2006.
From the state Division of Gaming Enforcement, the report illustrates that the eight casinos in the city get $2.56 billion last year. This is 6.5% lower than the taking in 2014 as mentioned in Foxnews. The data also shows the revenue received in its golden time in 2006 is $5.2 billion, which is twice as the current return.
Any other new casino opens would not do any good towards the existing Atlantic City gaming industry. According to Moody's Investors Service, casinos in the Atlantic City have been facing hard times. More competition would cause casinos to shut down.
Mayor Don Guardian said, "We had a monopoly and 12 casinos. Now there are 30-something casinos in the northeast, and we're about to have gambling in the northern part of the state. There are more gambling places than there are gamblers willing to gamble."
The mayor is concerned with the impacts of the decline on unemployment and money lost. He expected it would soon recover.
From NJ news, it is said that there have been 4 casinos shut down, as well as the loss of 10,000 employments since the last two years. From Moody's report, the plan of north Jersey expansion started around the time when eight new casinos were likely to open in the northeast by 2018. It includes Philadelphia.
There has been a warning from the South Jersey lawmakers. It mentioned if voters agreed gambling in the Garden State northern part, there would be three casinos in Atlantic City close.
Lawmakers also stated that new casinos opened in north Jersey would improve the competitiveness of the region in the marketplace.
Meanwhile, Governor Christie, as stated in Bloomberg, has long prepared a change for Atlantic City. At the most striking step, it will be taken over. A bill around the state takeover was also introduced earlier.
Christie plans to transform the gambling city into a tourist resort. Stephen Sweeney, the Senate President, verified that there were still discussions between Christie and legislative leaders. He said, "Something dramatic has to happen in Atlantic City. When I say dramatic, I mean dramatic, because of the dysfunction that's been going on year after year."
There is still obscurity regarding Christie's plan. He has mentioned that he would reveal his big plans but no one knows when. Kevin Robert, his spokesman mentioned, "not comment on pending legislation, let alone bills that haven't been introduced yet."