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Decline of Atlantic City’s Casino Industry Could Mean Las Vegas is Next

As the casinos of Atlantic City face ever-growing crises, the rest of the country’s gambling industry is showing concern of what will come next.According to a July 14 Los Angeles Times article, the Revel Casino recently filed bankruptcy for the second time in a little more than a year and could soon close — which would make 3,140 people […]

Decline of Atlantic City’s Casino Industry Could Mean Las Vegas is Next

As the casinos of Atlantic City face ever-growing crises, the rest of the country’s gambling industry is showing concern of what will come next.

According to a July 14 Los Angeles Times article, the Revel Casino recently filed bankruptcy for the second time in a little more than a year and could soon close — which would make 3,140 people unemployed in a local economy with a 10% unemployment rate.

“In total, 7,000 casino workers, or 25% of the Atlantic City casino workforce, could be losing their jobs in the next couple of months,” the Los Angeles Times reports.

The gambling industry as a whole remains huge despite Atlantic City’s troubles. Throughout the U.S., some $600 billion changed hands last year because of gambling.

According to the Los Angeles Times, this may be because Atlantic City is a “drive-to” destination, while other gambling hubs like Las Vegas are air-travel destinations that aren’t affected by competition from casinos in nearby communities.

Las Vegas also offers plenty of non-gambling appeal to tourists, which Atlantic City has failed to do, providing nightlife, top-notch dining, exclusive shows and more.

However, Atlantic City’s demise is a reminder that the casino industry is far from infinite, according to the Los Angeles Times article.

“The idea that casinos are a panacea for municipal decline was never very sound to begin with, and now it looks worse than ever,” the article writes.

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Author: 1938 News

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