atlantic city atlantic city gambling age

I don't see any way out of this situation,' said Shohini Chowdury, an economist with Moody's Analytics in West Chester, Pa., who expects the city's municipal bonds, already considered to be high-risk junk bonds by several ratings agencies, to be further downgraded.

To make matters worse, owners of the Trump Taj Mahal, who also closed the Trump Plaza, have said they may close the Taj in November. 'Certainly not this year, and certainly not the other' casinos.Īn estimated 8,000 people working in Atlantic City have lost their jobs at the four casinos that closed: the Atlantic Club, the Showboat, Revel and on Tuesday the Trump Plaza Hotel & Casino. 'When I came in, I talked about being here to transition the city, not knowing that any casinos were going to close _ suspecting that we might lose either Trump Plaza or Atlantic Club in 2015 or 2016,' he said. That's frank talk from a man who just took office in January, the month the casino collapse began. If our brand got burned around the edges, we need to polish it. What else does a guy want?' Mayor Don Guardian said during an interview atop City Hall. They paid the taxes, they created the jobs. Thirty-seven years after the inception of casino gambling, Atlantic City has become synonymous with economic and political rot. 'It's sort of like a roach motel _ takes your money and sends you on your way.' It's an industry that sucks money out of the economy,' said Paul Davies, a senior fellow for the New York-based Institute for Family Values, a nongovernment organization that opposes closing state budget shortfalls with gambling revenue. it's not an industry that grows the economy. 'When you bet the whole farm on gambling. Yet the city ranks near the bottom of virtually every social and economic indicator and now faces a threat to its national relevance. More recently, the hit HBO show 'Boardwalk Empire,' in its fifth and final season, depicts the grit of the storied New Jersey shore community, through the tale of a prohibition-era, pre-casino mob boss.Ĭasinos opened in Atlantic City in 1977 to predictions of coming wealth and jobs. The popular board game Monopoly, originally a tool to teach economics, is set in Atlantic City with its famous street names such as Atlantic Avenue.

The Miss America Pageant began there in 1940. In was known as America's Playground in the 1930s. Maryland, Pennsylvania, West Virginia, New York, Ohio and Massachusetts have all added or are adding casinos, even as iconic Atlantic City casinos shrank toward this year's wave of bankruptcies.Ītlantic City's problems matter because its history is woven into our national fabric.

Atlantic city atlantic city gambling age