Business: Atlantic City at a loss
The new Asian gambling markets are booming, but old fashioned American standbys like Atlantic City are suffering from the American lack of cash. While the online gambling industry has posted reliable gains throughout the recession, live destinations like Atlantic City and Las Vegas have taken major hits as Americans have tightened their wallets. A recently released report by the independent credit analysts at Moody’s suggests that an immediate comeback is unlikely.
While a new wave of small, local gambling establishments has meant more casino choices for East Coast gamblers, it has also tarnished the appeal of large-scale operations like Atlantic City, and dwindling finances among the city’s main investors means an overhaul is out of the question. Gambling revenues have dropped for the third year in a row, inspiring many gambling groups to delay or outright abandon plans to build or expand in Atlantic City. Sadly this news isn’t surprising to the analysts who have been predicting hard times for Atlantic City for years.
Tourism as a whole has been hard hit by the stagnant world economy, and gambling-related tourism has been an especially hard sell on Wall Street where it was recently reported that June saw an overall drop in American gambling stocks after two months of steady gains.
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