The economic situation in Atlantic City went from bad to worse as another casino, the Trump Taj Mahal, filed for bankruptcy and is scheduled to close on or before November 13th if a buyer is not found.
This would push the total number of jobs lost in Atlantic City to more than 10,000 since the beginning of 2014.
“These closings and the loss of jobs should serve as a severe warning to Floridians that expanding gambling is the wrong social and economic policy for Florida” said Paul Seago of No Casinos. “Florida can and should seek out economic development projects that provide high-wage, high-demand jobs and not fall victim to the get-rich-quick promises of casino interests who look to pad their bottom line.”
Trump Entertainment Resorts Inc., the company founded by Donald Trump, will file for bankruptcy again this week, people with knowledge of the situation said, putting a fifth Atlantic City casino in danger of closing.
The company owns two properties in the struggling New Jersey resort town. Trump Plaza is set to cease operations on Sept. 16, and the Trump Taj Mahal may also shut in November, the people said. Three other casinos have closed in the city this year, including Caesars Entertainment Corp.’s Showboat and the Revel Casino Hotel last week.
A Taj Mahal shutdown would put another 2,800 employees out of work in a city already losing 5,200 casino jobs this month. Moody’s Investors Service cut the municipality’s bond rating by two steps on July 23 to Ba1, the highest speculative standing. Governor Chris Christie and other local leaders held a summit yesterday to discuss Atlantic City’s future after an expansion of gambling in neighboring states ate into what was once the only legal market on the East Coast.