Las Vegas and Atlantic city on the edge of the abyss : Atlantic Club Casino will soon close down and ever stronger competition in Las Vegas.
The end of 2013 is fast approaching. Every casino has had its ups and downs over the year but for Atlantic City things are quite bad since it’s going to lose one of its casinos : the Atlantic Club Casino will close down on the 13th of January. A victim of a serious financial crisis, the casino wasn’t able to survive. Even worse, the number of casinos remaining in Atlantic City could be seriously reduced within a short time. For several years now, the economic and financial downturn has ravaged the area. The local economy has slowed down greatly: a situation that has been analysed for some years by several New Jersey financial analysts. It has been predicted that over the next few months that the number of casinos in Atlantic City may drop to only 10. This is the first closure since 2006.The casino definitely had its moment of fame like when Frank Sinatra regularly appeared there. At that time, the Golden Nugget was among the most powerful casinos of its age but soon it will only be a memory. Its staff will be redeployed between the Tropicana and Caesars. The former will get 1641 slot machines as well as 48 gaming tables and the other will get the property with its 800 hotel rooms. The Tropicana and Caesars will pay out 8.4 and 15 million dollars for the staff. However it’s really the end for the Atlantic Club Casino because neither the Tropicana nor Caesars can save it from this terrible situation. Caesars, for example, plans to redistribute what it has acquired among its 4 casinos which make up a third of Atlantic City’s casinos, these include Caesars, Harrah’s, Bally’s and the Showboat.At the same time, the city of Las Vegas appears to be caught up in a desperate situation. This was revealed by the MyFoxNy website on the 23rd of December last and concerns the possibility of a complete crash in Las Vegas’ casinos as described by the journalist who wrote the article “ a future like Detroit’s”. The city still glitters with all of its beautiful lights and clients come and go as usual just as if everything were normal. However, hidden behind this mask is a city beaten by the merciless competition from casinos in Pennsylvania, which is a city just next to Atlantic City and also from Macau which continues to develop in this area and which has a gaming income 5 times higher than Las Vegas at the moment.
It must be said that the two ex- American gambling capitals are on a very slippery slope. This is without mentioning the unemployment level that is continuing to rise in Las Vegas, the mortgage problems or water supply problems. The two most beautiful dream destinations in the United States are crumbling while more and more states are starting to legalise online poker. The situation is serious. History will tell how these paradises will survive. Will there be a place for them in the future market?