“Atlantic City, the erstwhile East Coast gambling mecca, is on an epic losing streak; over the past six years, competitive and economic forces have crushed the local casino economy, driving revenues down more than 40 percent.”
J. Freedom du Lac
The Washington Post
August 20th, 2013
ATLANTIC CITY — The billboard hard by the Atlantic City Expressway is supposed to speak for a single casino, not an entire company town. But Revel Casino Resort’s marketing slogan resonates loudly throughout this struggling seaside resort.
“Gamblers Wanted,” it says. And how.
Atlantic City, the erstwhile East Coast gambling mecca, is on an epic losing streak; over the past six years, competitive and economic forces have crushed the local casino economy, driving revenue down more than 40 percent.
Once, the city that inspired the board game Monopoly had its own gambling monopoly on this side of the country. Now, it’s more Marvin Gardens than Boardwalk, with states from Maryland to Maine lining up to join the high-stakes game for tax revenue and middle-class jobs.
In 2006, when gambling in Atlantic City reached record levels, there were 27 commercial and tribal casinos, slots parlors and racetrack casinos in the Mid-Atlantic and Northeast, according to the University of Massachusetts at Dartmouth’s Center for Policy Analysis. Now, there are 55 — with more casinos coming in Maryland, Pennsylvania and Massachusetts.
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Contact: John Sowinski