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Atlantic City Facing Blurry Pessimism

by Joseph McNamarra
( March 3 2009 15:51:20 )
Tropicana Casino and Resort filing for bankruptcy, Atlantic City sees no hope for the future

We cannot be really sure on whether Atlantic City can still house Casino empires.  The City looks at its own future with blurry pessimism.

The Tropicana Casino and Resort is filing for bankruptcy in March, and the Resorts Atlantic City, which is the long famed first casino in New Jersey, might also become the first of the casinos to be foreclosed.

Casinos and gambling were legalized in Atlantic City for 31 years now and this is the first time ever that the second best gambling market in the nation is undergoing a massive shake.
Apart from the economic slump which is leaving people without any money to gamble with, the casinos of the Atlantic City are facing fierce competition from the slots and parlors in the neighboring cities and states, specifically from Pennsylvania and New York.
Gamblers are now presented with more choices than they used to have and they no longer need to drive all the way to the Atlantic City for their casino needs.
The chairwoman of the New Jersey Casino Control Commission, Linda Kassekert, stated "We've never seen it like this," "This is a global recession, and the impact on discretionary income, you just see it immediately."
In 2008, the gambling revenues of Atlantic City declined 7.6% and the year before in 2007 it was down 5.7%.  The planned layoffs for casino employers are scaring.
The co-owner of Tropicana Resorts, Nicholas Ribis, stated "None of us could have predicted two years ago the way the world is now." He concluded that he wished that things would get better, though he is not sure if it ever will.





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