What's been hit harder than Las Vegas? Atlantic City.

[marmar]

from Minyanville:



Atlantic City Rolls Snake Eyes
Ryan Goldberg Feb 19, 2009 8:15 am


Enough has already been written about the ghost town that Las Vegas has become. Luxury rooms can’t be given away fast enough - and I bet I could finally find a 5-dollar blackjack table now.

But Atlantic City has gotten lost in the shuffle - and it's suffering even more than its larger cousin to the west.

The city by the sea -- once “America’s Favorite Playground” -- has never been able to shake its seedy image. But as recently as a few years ago, it was possible to see a brief glimmer of hope. There were new casinos on the way, planned development away from the boardwalk, and upscale entertainment and attractions.

All that is in shambles now, thanks to the economy, pressure from slots in neighboring states, casinos’ debt-laden balance sheets, and a nagging identity problem.

Even Resorts, Atlantic City’s first casino, is trying to fend off foreclosure after management admitted it hadn’t been making loan payments since October. Resorts opened in 1978, becoming the first casino outside Las Vegas.

The Tropicana has been under state supervision for 2 years after its former owners were stripped of their casino license. Trump Entertainment (TRMP), the operator of the Trump Taj Mahal, Trump Plaza, and Trump Marina filed for bankruptcy Tuesday. Donald Trump no longer holds a management position in the company, but recently resigned from the company’s board; he called the Atlantic City situation in general a “disaster.” ........(more)

The complete piece is at: http://www.minyanville.com/articles/New-TRMP-vegas-Jersey-Las-ATLANTIC/index/a/21184

[Still Sensible]

1. I'm in the gaming business and I know Vegas has

been hit very hard. But it looks to me like Detroit and other cities in Michigan are still in worse shape.

[marmar]

3. At least we've got water.....

:think:

[Liberal_in_LA]

7. lol. n/t

[blue_onyx]

8. I would have to agree

except nobody seems to give a damn about Detroit. Michigan has been in recession for 8 years and Detroit in decline for decades and nobody so much as raised an eyebrow. If it had been NYC, LA, or Vegas in recession for 8 years maybe someone would've paid attention. It might have saved us from the national economic collapse (or at lessened the pain) since Michigan was a sign of things to come.

[Liberal_in_LA]

2. Didn't know Trump companies were in bankruptcy

[Still Sensible]

6. It's just one of his casinos. I think its the third one

that Trump's company has run into the ground. At least on this one he can blame the economy.

[Lost in CT]

4. Yeah but Atlantic city has always been a disaster.

Foxwoods and Mohegan Sun and other competition killed them more than the economy did.

[Stephanie]

9. Prices there have been thru the roof

We've looked into weekending there a few times recently and reservations were not available much less affordable.

[Lost in CT]

10. I was referring to the city a few blocks west of the boardwalk.

It does surprise me though that the hotels were overpriced.

Sounds like part of the problem.

[monmouth]

11. When the casinos went in, Baltic and Pacific Avenues were supposed to

be razed and fixed up. Many of the workers in the hotels and casinos lived in that area. The casinos contributed largely to the highway leading into the hotels/casinos, Baltic and Pacific Aves still run down and in great need of refurbishing.

[movonne]

5. YOUR FIRED.....

[Freddie Stubbs]

12. PA senior citizens are no longer boarding busses for AC day trips now

that there are slots in the Keystone State.