ATLANTIC CITY
What’s happening in Atlantic City?
In 2016, Atlantic City is living two lives. Facing possible financial devastation, a state takeover or bankruptcy, the city’s tourism industry continues to thrive. Sharon Harris explores.
I
n 2016, Atlantic City is experiencing two “schizophrenic” lives. Facing possible financial devastation, a state takeover or bankruptcy, the seashore city‘s tourism industry continues to thrive and profit.
Increased Northeast regional competition, economic issues from the 2008 downturn and a 2012 hurricane helped close four Atlantic City casinos, costing 8,000 jobs, in 2014. Despite these financial difficulties, professionals like Atlantic City attorney Lloyd D. Levenson (pictured left) criticize the “overblown” negative press coverage. “The media has steered public perception of a failing Atlantic City. The local government and the gaming, hospitality and tourism industry are separate. “People must remember that 12 casinos operated
A rendering of the proposed Stockton University Atlantic City campus. Scheduled for a 2018 opening, it will house 522 students and have classrooms for 1,300-1,400.
A rendering of
the proposed Stockton University campus for Atlantic City; the plan was derailed and the former Showboat site was sold in 2016
when gaming was only in Las Vegas and Atlantic City. In 2014, that number remained the same. Atlantic City properties had to now compete with dozens of casinos in surrounding jurisdictions. It was unnatural to believe Atlantic City casinos could operate the same way. They had to adapt,” says Levenson. On paper, statistics portray a stark picture. In
2006, Atlantic City’s total gaming revenue was $5.2 billion; in 2015, $2.56 billion. However, the remaining eight casinos have benefitted from a smaller operator pool. By diversifying and innovating, most are now stable and experiencing substantial economic improvement. This spring, 2,400 current casino jobs are available – 600 of more than 900 permanent positions are full-time. New Jersey’s regulated online gaming also
30 MAY 2016
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86