Is anyone surprised that New Jersey’s efforts to revitalize Atlantic City are failing?
The news that AC’s latest hope for revival, Revel, is on the verge of bankruptcy and foreclosure is no shock. As Trump’s multiple bankruptcies over the years demonstrated, casino lenders are the biggest losers, next to bussed in seniors lured by a free roll of quarters, in AC.
Vice has always been the key to Atlantic City’s economic viability. For good reason. The place is a dump. You have to drive through a swamp to get there. It is very inconvenient. The lure of doing something enjoyable that is forbidden elsewhere has been the key to Atlantic City’s economy since the days of Nucky Thompson.
Now that legalized gambling is available in more convenient places and liquor is legal most everywhere, Atlantic City is doomed, unless it comes up with a new vice to make available.Art Gallagher | Filed under: Atlantic City, Casinos, Chris Christie, Economy, Horse Racing Industry, Meadowlands, Medical Marijuana, Racinos | Tags: Atlantic City, Gambling, Horse Racing Industry, Marijuana, Racinos | 5 Comments »