Over the past few days, two casinos in Atlantic City have shut down and a third is set to close in the coming days. Now a fourth casino is being discussed as about to enter bankruptcy. Atlantic City was once home to 12 casinos and could now soon see just over a handful of brick and mortar gaming facilities by the year’s end. Let’s not forget about the Atlantic Club closing back in January as well. This makes one consider just how many casinos will the gambling city be home to once the year ends?
On August 31st the Showboat Casino in Atlantic City closed their doors for good. The casino followed by the Revel Casino which closed on September 2nd just two days later. Scheduled for closing on September 16th is the Trump Plaza after the Division of Gaming Enforcement in the state gave the go-ahead.
We have now learned thanks to a recent article in the New York Post that the Trump Taj Mahal may be filing for bankruptcy very soon. The report indicated that the casino had been seeing a slight loss in revenues for the first six months of 2014. Will this casino be the next to inevitably close their doors?
To try and combat the casino closures, Chris Christie, Governor of New Jersey, has planned a summit to take place next week to discuss a solution. The summit is scheduled for September 8th and will see discussions take place on how the industry can be revived from its recent decline.
Just a few years ago, back in 2006, the casinos were bringing in over $5 billion and now the casinos are only taking in around half the large amount. Buyers are still being sought after for the defunct properties and this may be another topic that is discussed during the upcoming summit in Atlantic City.
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