Revel Casino Hotel Atlantic City Casino. Kazad/ARTCENTRON
As Atlantic City casinos close, many look to a gloomy future of job losses and unemployment
ATLANTIC CITY, NJ,. —Atlantic City, the center of gambling in the East coast is at a point of a major crisis. The closure of the Showboat Casino and the Revel Casino Hotel has become a major issue for this City that gets a major part of its revenues from the gaming. The announcement that Trump Taj Mahal will be closing in September has made the situation even worse as it is going to add to the massive unemployment in this city that rivaled Las Vegas in the gambling industry.
Since the news broke that Showboat Casino and the $2. 4 Billion Revel Casino Hotel were closing, many have wondered what happened to these Atlantic City casinos and why several others are going out of business. One of the reasons that have come to the fore is the downturn in the economy. Many in the gaming industry have identified the Great Depression that led to unprecedented job losses and massive unemployment as one of the major reasons the Atlantic City casinos closed. With no money, they contend that gamers dwindle and the result is the closure of the casinos.
Beyond the Great Depression, another reason proffered by gaming industry experts is that the fact that other states are opening their own casinos has made Atlantic City casinos less lucrative. In the last five years many neighboring states around Atlantic City have opened their own casinos. From Delaware to Maryland, casinos are opening everywhere, stealing crowds from Atlantic City casinos. Just this month, the Horseshoe Casino opened in the heart of Baltimore. Located close to the Greyhound Bus Station, the Ravens and Orioles Stadium, it is expected that the Horseshoe Casino will not only keep Baltimoreans who throng Atlantic City Casino at home, but also attract new crowds made of football fans, baseball fans and fans of other sports.
To make Horseshoe Casino attractive, the owners have put in place many amenities and activities that will keep customers engaged. It is clear that the owners of the Horseshoe Casino have learned a lot from the mistakes of the Atlantic City Casinos. Besides gabling, there will also be different forms of entertainment, including music, comedy shows, and performances. To crown it all, well-known chefs have also set up restaurants in the Horseshoe Casino to provide excellent food for guests. Evidently, the focus at the Horseshoe Casino in Baltimore is how to best provide guests with maximum experience.
While many industry watchers agree that the demise of the Showboat Casino and Revel Casino Hotel can be attributed to the other States opening their own casinos, some are also pointing to changes in age demographics. When many of the casinos in Atlantic City were established, the focus was chiefly on gambling and entertainment second. Industry forecaster had great expectations that older demographics will swarm the casinos. For many years the forecasters were right. However, with the change in demographics that favored younger generation, the casinos not only lost the older generation, but also the young groups that preferred entertainment over gambling. The inability of the casinos to swiftly adjust to the changing age demographics, many industry watchers have opined, accelerated the demise of the Showboat Casino, Revel Casino and Trump Taj Mahal in Atlantic City.
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The demise of Showboat Casino, Revel Hotel Casino and Trump Taj Mahal located along the boardwalk will no doubt have unbelievable consequences on the City that gets a large share of its revenue from casinos and gambling. Besides the massive job losses, there is bound to be a reduction in tourism in Atlantic City. Tourism is another major source of revenue for Atlantic City. While there is a great effort to help people who have lost their jobs due to the closures of the casinos, the greatest hope is that someone or a group will take over the vacant casinos and bring jobs back to the boardwalk and Atlantic City. Already, several companies are showing interest in taking over the Showboat Casino properties. Atlantic Properties Group, of Vineland is one of the groups that have expressed interest in Showboat. Another is Latitude 360, a Jacksonville company that is thinking of taking over the Showboat Casino and hotel property. While the focus may not be on gambling, the takeover of the Showboat Casino will no doubt provide some succor to those who have lost their jobs who may find new employment there.