In gambling the house usually wins, but in Atlantic City it's the casinos that are facing long odds.
A new report by Moody's warns that the city could lose additional casinos in the face of increased competition, according to Moody's.
Atlantic City, known for its casino-lined boardwalk on the Jersey Shore, lost four of those gambling houses last year along with 8,000 jobs.
The New Jersey city still has eight casinos, but not for much longer, says Moody's.
"We expect more casino closures to occur in Atlantic City as some struggle to grow their business and face additional competition," said Moody's Investors Service, in a report on the gaming industry.
Moody's said that gaming revenue dropped 8% last year and three of the remaining casinos are "already on the brink," with the Trump Taj Mahal, Caesar's and Bally's having filed for Chapter 11 bankruptcy protection.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Now maybe they understand to drop the room rates to a reasonable cost. A group that I use to go with, quick going because of the cost of a room. We could almost fly to Vegas and stay, cheaper than 3-4 nights in Atlantic City.
ReplyDelete