Once legendary Atlantic City hotel and casino shuts its doors after 33 years. From its successful attempt at implementing online gambling partnerships with its top brick-and-mortar casinos to its plans of reinventing the concept of casino resorts as we know them, Atlantic City sure got its share of media attention in 2013. This year, however, the once-booming gambling destination has kicked off 2014 on a sad note and all signs point to an oversaturation of casinos in the northeastern US.
Casino Overload
Atlantic City’s gambling industry has been on the decline for years and it’s no secret that land-based casino glut is at the root of the problem. Long gone are the days when gamblers from neighbouring states flocked to the popular New Jersey destination to play their favourite casino games. With more and more casinos popping up in Pennsylvania, Delaware and Maryland, Atlantic City has progressively faded into the background over the years. Out-of-state gamblers have logically opted to save on travel expenses by hitting the tables closer to home.Over the past year it’s become clear that more casinos does not necessarily translate into more revenues. In fact, if one were to analyze gambling revenue reports in many states, though the number of casinos being built is on the rise, revenue figures themselves are anything but increasing.Although reports showed a rise in US gambling revenue from 2011 to 2012, there are numerous indications that these figures began to level off by 2013. Moreover, a panel of gaming experts in Las Vegas agreed in September of last year that with the possible exception of Florida, it made absolutely no sense to open any new casinos in the US. What’s interesting is that none of this information seems to be slowing plans for states to build out additional casinos nationwide.
Another One Bites the Dust
The latest victim of the overabundance of casinos in the northeast is the once top-grossing Atlantic Club Casino Hotel. The sad fact is that this Atlantic City hotel and casino had been struggling for years. Faced with the ongoing threat of new and more elaborate establishments setting up shop right next door, along with the ever-increasing competition from casinos in neighbouring states, it was only a matter of time before Atlantic Club bit the dust.On a macro level, this closure will hopefully serve to free up some space in what is now viewed as a seriously overcrowded market. Unfortunately, more space is required and many experts believe this is but one of multiple Atlantic City casino closures.
Reality Sets In
Atlantic Club saw the last of its patrons walk out the door at 12:01 AM last Monday and there wasn’t a dry eye in the house. Wait staff and dealers who’d worked there for the better part of its 33-year run came in for a final shift, which ended in emotional embraces and promises of seeing each other again soon. Though most admitted that Atlantic Club lacked the over-the-top glitz and glamour of the newer crop of casinos, it offered customers something more – a sense of family. In spite of the fact that there’s one less casino to choose from, there are still 11 fully functional land-based casinos in Atlantic City, offering patrons their share of slots, blackjack and other classic casino games.