I am not surprised to learn that Atlantic City is taking a huge hit from all the recent casino development in surrounding states. Rising gas prices and a major recession are not helping things either.
Pennsylvania, under Fast Eddie, became a gambling state. Our casinos are spread out across the state, not all in one place. This seems to be a better strategy than New Jersey. 10 casinos are now operating in Pennsylvania. Atlantic City has 11.
I am sure Atlantic City depended on throngs of people from Pennsylvania coming there to gamble and spend money. Pennsylvania may very well pass Atlantic City as the number two gambling market in the U.S. in the years to come. Pennsylvania casino income is expected to grow to $2.7 billion dollars in 2011 while Atlantic City’s 2011 casino income is expected to fall to $3.09 billion dollars.
The last time I drove to Atlantic City, it was a ridiculously expensive trip. Bridge tolls, Atlantic City Expressway tolls, parking and gas made it a $50 trip before I set foot in a casino or shop. I went down for an afternoon to meet friends from high school who were staying at a casino. I will not be making that trip again.
Time will tell if Atlantic City can rebound or if Pennsylvania will unseat Atlantic City as the number two spot in the U.S. for gambling.
The AC casinos still operate has if it is 1996 and all they had to do was open the doors and money would walk in. Now, the Trump Taj Mahal has cut comps credits in half, and removed the weekday room offers for their poker players. That’s right, business is off, so let’s give our loyal custumers less!