/-----/ Here's your fake news TDS libtard:
Competition killed Atlantic City, not anything the casion owners did.
Wayne Weitz, managing director at restructuring firm
Gavin/Salomonese, pointed out that part of the problem for Atlantic City is the proliferation of other casinos in the Northeast.
Pennsylvania, for example, granted five casino licenses in December 2006. Those locations have since opened and "Pennsylvania has passed New Jersey as the second [highest earning] casino state in the country," Weitz said. (First, of course, is Nevada, due to Sin City.)
Weitz also said that Atlantic City was once a "huge draw for New York [residents]," but now those fun-seekers are more likely to go to Foxwoods Resort Casino or Mohegan Sun in Connecticut.
In the past 18 months, four casinos -- Revel AC, Trump Plaza Hotel and Casino, the Atlantic Club Casino Hotel and Showboat Atlantic City -- have closed their doors, costing 8,000 workers their jobs. The fading fortunes of Atlantic City's gaming industry have taken a toll on the municipality's fiscal situation. An emergency manager has been tapped to look into the city's dire finances.
For decades, Atlantic City's unchallenged dominance of East Coast gambling was a winning bet. Those days are over -- but gaming will still be part of the city's comeback.
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