Atlantic City to Close Two Casinos in Three Days
By Eric Anderson Published: August 30 2014
5,000 people will lose their jobs as the casinos shut down.
Two Atlantic City casinos will be shut down this weekend, followed by a third casino being closed in two weeks. 5,000 jobs will be lost over the course of three days, with another 3,000 jobs being lost after the third casino closes down.
The Showboat is closing on Sunday, and Revel will close on Monday and Tuesday. On September 16, the Trump Plaza is scheduled to close down as well.
The Showboat, which is owned by Caesars Entertainment, is actually still turning a profit. However, the company is closing it down to help reduce the total number of casinos in Atlantic City. Caesars Entertainment owns three other casinos in Atlantic City.
Casino revenue in Atlantic City has dropped about $2.5 billion since 2006. A total of four casinos will have been shut down by the end of this year.
New casinos have been opening consistently in the New York/New Jersey area. In 2012, Governor Andrew Cuomo made an amendment to the New York State constitution, legalizing public casinos. There have since been talks of a casino opening on Long Island. Owners are hoping that these closings will increase profits for the casinos that remain open.
After the Trump Plaza closes in September, a total of 8,000 people will have lost their jobs. This represents 25 percent of Atlantic City’s casino jobs, according to a report from the Associated Press.
Eight Atlantic City casinos will still be open after the closings. Atlantic City Mayor Don Guardian said that casinos will only be a part of the attraction of the city, as they try to re-vamp their image as a more multifaceted tourist spot.
[Source: Associated Press]