Atlantic City Loses Thousands Of Jobs as Casinos Close En Masse
Sunday, August 31, 2014
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The Revel (foreground) and Showboat (background) are both closing for good. (Ilya Marritz/WNYC)
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New Jersey Public Radio
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September is shaping up to be a terrible month for Atlantic
City. On Monday and Tuesday, the Revel Casino is shutting down for good,
to be followed by the Trump Plaza Casino just two weeks later. The
Showboat Casino closed on Sunday.
Analysts blame the spread of gambling outlets across the northeast for falling gambling revenues in Atlantic City.
Arthur Frank of Holmdel, New Jersey, walked by the glassy, 57-storey Revel on Sunday. He said it's amazing to think it will soon be empty.
“I mean just two years ago this was built at a cost of over two billion dollars. And they couldn't get somebody to buy it for 50 or 100 million at auction. It's just the way Atlantic City is going, it's sad,” Frank said.
The Revel received hundreds of millions of dollars in state aid. The casino filed for bankruptcy - for a second time - earlier this year.
In all, the More than 6,500 people are being laid off at Atlantic City casinos in the span of just a few weeks.
Analysts blame the spread of gambling outlets across the northeast for falling gambling revenues in Atlantic City.
Arthur Frank of Holmdel, New Jersey, walked by the glassy, 57-storey Revel on Sunday. He said it's amazing to think it will soon be empty.
“I mean just two years ago this was built at a cost of over two billion dollars. And they couldn't get somebody to buy it for 50 or 100 million at auction. It's just the way Atlantic City is going, it's sad,” Frank said.
The Revel received hundreds of millions of dollars in state aid. The casino filed for bankruptcy - for a second time - earlier this year.
In all, the More than 6,500 people are being laid off at Atlantic City casinos in the span of just a few weeks.
Editors:
Julianne WelbyMore in:
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Ilya Marritz
Ilya Marritz covers business for WNYC.
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