Atlantic City facing unprecedented economic collapse

[n2doc]

Harold Brubaker, Inquirer Staff Writer

The Atlantic City region is on the brink of a short-term economic disaster.

Atlantic City made history 36 years ago when it opened the first legal casinos in the United States outside Las Vegas.

Now it's doing so again as casino employment - which for years exceeded the number of city residents - drops precipitously after a decade of steady decline.

The closing of three casinos, starting with Showboat and Revel this weekend followed by Trump Plaza two weeks later, and the rapid-fire loss of 5,700 jobs, draw historic comparisons to longer-term collapses of U.S. industries such as steel.


Read more at http://www.philly.com/philly/business/20140831_Atlantic_City_facing_unprecedented_economic_collapse.html

[tularetom]

1. If casinos are losing money, our society is in deep shit

The only way they can lose is if nobody goes through the door, because once a patron is inside, he won't leave with more money than he came in with.

But I guess if anybody could run a casino into the ground, it would be a clown like Trump.

[dsc]

3. they are losing money because not enough people are going through the door

in 76, their competition was Vegas. Eventually, MS joined the game. But now there are casinos in PA, MD, NY, CT, and DE.

[Revanchist]

5. Trump hasn't had anything to do with the casino

Since 2009. Granted his poor decisions in the past that led to three bankruptcies didn't help matters much.

[Rhinodawg]

2. Been there once.

Seemed pretty busy 3 years ago.

[WinkyDink]

4. People want a traditional boardwalk as well as casinos. Just gambling and shopping aren't enough.

I was just there for a concert. The show was great; the tired casinos, not so much. And now the outlets stores are proliferating so much the shopping isn't really special (and who can afford the higher-end shops?).

I lived in AC for a summer decades ago; it was way more enjoyable! Sure, people like slots, but spinning the wheel, playing Bingo or Skeeball, and eating "shore" foods like salt-water taffy, fried clams, pizza by the slice, and French fries is where the fun is.

[Laelth]

6. Not enough people have money to gamble away.

This is further evidence of the decline of the American middle class and the failure of Republican trickle-down economics to create broadly-distributed wealth in this country.

-Laelth

[Erich Bloodaxe BSN]

8. Well, and there are a lot more casinos now.

A lot of people who would have spent multi-day 'vacations' to casinos can now drive an hour or two and hit one for a night in states like Indiana or Ohio.

[procon]

7. As the once thriving middle class disappears

they don't have the extra money to support all those leisure activities that was made possible by their good paying jobs. With stagnant wages and the cost of just getting by continues to rise, there is little discretionary income left to afford things like casinos.

This downward spiral will grow as the automation trend couples with shrinking incomes and higher consumer costs to further erode jobs and slow the economy.

[RKP5637]

9. Quite true IMO! That, plus expanding casinos nationwide ... but to bring Atlantic City back to

being a magnet for leisure activities, I think that's a tough road. Unfortunately leisure activities now cost a fortune. When I was a kid you could go to Atlantic City and spend a week in a hotel or mom and pop guest house for not an exorbitant amount of money, and the middle class back then had extra money. Those days are long gone as the life blood of this country is sucked out more and more each day.