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