Wall Street Predict More Atlantic City Casinos Will Go Bankrupt
Atlantic City’s casinos have been through a turbulent 2014 which resulted in as many as four casinos applying for bankruptcy.
The remaining eight casinos that survived have also been concerned about the current state of Atlantic City’s gambling industry as industry analysts have stated that the market stagnation will continue throughout 2015 and possibility into 2016 as well.
Wall Street Analysts made a forecast at the recently held East Coast Gaming Congress in Atlantic City which stated that more casinos in Atlantic City will go out of business in the coming months. They expect the 5th casino to shutdown operations within the next thirty days but have not revealed the names of any casinos.
Atlantic City’s casino industry has faced stiff competition from casinos in neighboring states such as Pennsylvania, New York and Ohio. Analysts predict that a number of New Jersey gamblers will end up crossing state border lines to venture into these new casinos to try their luck and have a new gambling experience.
Gambling regulators in New Jersey are considering the possibility of making an amendment that would allow casinos to operate outside of Atlantic City. They believe that if New Jersey can open up new casinos outside of Atlantic City, it would stop neighboring states from poaching New Jersey gamblers and keep the gambling revenue within the state.
However, this plan has not gone down well with the casinos in Atlantic City who state that if casinos are allowed to operate outside of Atlantic City, it would significantly impact their existing business as Atlantic City customers will venture to these new casinos and it could very well signify the end of their business.
The closure of four Atlantic City’s casinos has resulted in the termination of thousands of casino workers who have found it extremely difficult to get work as Atlantic City casinos are not hiring due to the market slump. These unemployed casino workers have found it difficult to support their family and either have to make a decision to move their family to another state where they can find similar employment or they need to make a decision to study and find another skill in order to change their career.
The prediction made by Wall Street Analysts at the East Coast Gaming Congress does not come as a surprise because considering the current market state, it is only a matter of time before more Atlantic City casinos cave into the debt they are currently accumulating.
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