Why is Atlantic City collapsing?

Why is Atlantic City collapsing?

Posted: Updated:
AP file photo AP file photo
NEW YORK (MYFOXNY) - Just minutes from Manhattan, Resorts World Casino in Queens offers a world of hope for gamblers.

“I want to win a million dollars!” one lady told us.

And who doesn't?

For decades, making some quick cash was the main drive behind so many taking the ride down the parkway to Atlantic City.  But with so much to choose from nowadays, it looks like Atlantic City is in a lot of trouble.  

There are 39 casinos on the eastern seaboard from Florida to Canada.

The 27-year-old Showboat casino closed on Sunday and the Revel casino built for a $2 billion dollar price tag just two years ago begins the process of a permanent shut down this week.

The trifecta casino crumble will be complete when Trump Plaza shuts its doors September 16th, leaving 5000 Atlantic City workers unemployed

“There are too many other casinos around...who wants to drive two hours?!” one gambler told us.

In just the last 8 years, Atlantic City casino revenues are down about half from $5.2 billion to $2.8 billion and still dropping, along with the actual number of casinos.

The year 2014 began with 12 casinos, by year's end, only 8 casinos will still be in business. 

Earlier this summer, we traveled to Atlantic City and spoke with Dave Rebuck, the Director of the New Jersey Division of Gaming Enforcement.

He says the problem is not Atlantic City itself, its just having too many casinos in one place.

"This region, its not just Atlantic City, the region as I have mentioned before, the region is saturated. There is no doubt about it, you look at other states. Delaware is struggling. Pennsylvania has leveled and is going down" he said.

Resorts World Casino which opened back in 2011 has become the most successful racetrack casino in New York State and one of the most profitable casinos in the United States.

There is a different story in AC with so many people out of work, the Atlantic City Convention Center will have to open its doors to accommodate all those people filing for unemployment.

  • New Jersey NewsNew Jersey NewsMore>>

  • NJ, NY officials meet about security

    NJ, NY officials meet about security

    Monday, September 15 2014 5:50 PM EDT2014-09-15 21:50:11 GMT
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
  • NJSIAA investigating alleged racist bananas incident at Summer-North Plainfield High School football game

    NJSIAA investigating alleged racist bananas incident at Summer-North Plainfield High School football game

    Monday, September 15 2014 4:49 PM EDT2014-09-15 20:49:19 GMT
    Assistant Superintendent of North Plainfield Schools Dr. Robert Rich confirmed that an incident of alleged racism occurred prior to the high school football game last Friday between Summit and North Plainfield. Rich also confirmed that there are internal and external investigations into the allegations.
    Assistant Superintendent of North Plainfield Schools Dr. Robert Rich confirmed that an incident of alleged racism occurred prior to the high school football game last Friday between Summit and North Plainfield. Rich also confirmed that there are internal and external investigations into the allegations.
  • Greta's Run in Westfield draws over 1,000 participants

    Greta's Run in Westfield draws over 1,000 participants

    Monday, September 15 2014 10:57 AM EDT2014-09-15 14:57:17 GMT
    reta Schoenemann was in her second week at Westfield High School on Sept. 11, 2002, when strong winds caused a large tree branch to fall where she and friends were sitting for lunch. All 10 of the students below were injured. Greta died four days later.This Sunday, her memory will be honored at the second annual Greta's Run, a 5K fundraiser for special needs programs at the Westfield Area Y.
    reta Schoenemann was in her second week at Westfield High School on Sept. 11, 2002, when strong winds caused a large tree branch to fall where she and friends were sitting for lunch. All 10 of the students below were injured. Greta died four days later.This Sunday, her memory will be honored at the second annual Greta's Run, a 5K fundraiser for special needs programs at the Westfield Area Y.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices