The Meaning of Atlantic City Casino Closures
Atlantic City casinos will start dropping like flies at the end of this month, but the closures appear to be necessary right now for a market that has dwindled by billions of dollars over the past several years.
Atlantic City started the year with 12 casinos and will be down to eight by the end of summer.
"It does not at all mean the downfall of Atlantic City," said Roger Gros, publisher of Global Gaming Business Magazine. "Atlantic City is busier than ever."
An estimated 800,000 people are expected Wednesday for the Atlantic City Airshow, "Thunder Over The Boardwalk."
Gros noted the local casino market has been in freefall for a while, and fewer casinos are a way to finally "right-size" the market.
"It looks like it's going to happen pretty quickly," he said. "It's like tearing a Band-Aid off. It's going to hurt for a while, but then it's better for the city."
No qualified bidders emerged as Revel attempted to find a buyer during its second bankruptcy filing. In a statement released to the press, Atlantic City Mayor Don Guardian said, "This might be Revel's last chapter, but not the last one for this building."