Last week the news out was that Las Vegas has at least reached a stable state. Which means they’ve at least stopped losing money. But the news doesn’t look as good for Atlantic City. It seems that Moody’s Investor Service has changed its rating for Atlantic City from stable to negative. While gamblers are still willing to make the trek to Las Vegas for a little action in what is a recognized gambling sanctuary, it seems they don’t do the same for Atlantic City. At least not these days.
The problem for Atlantic City seems partly to be the economy in general, partly competition from other locations and partly of its own doing. The economy it can’t be held responsible for or do much to change. But while Las Vegas has been able to make changes and down size to wait out the economy in hopes that the city will recover as American’s begin to travel again, Atlantic City hasn’t been able to realize that option.
Part of the reason for that may be competition. Neighboring states including Pennsylvania and Delaware have been expanding their gambling options. Locations that used to just offer slot games are adding table games. Which means that gamblers, or even just those who want to give gambling a try, in these states and others nearby just don’t have to travel all the way to Atlantic City for a little gaming action. So, Las Vegas needs is a way to draw gamblers and tourists into their casinos. Which may be where Atlantic City is letting itself down.
Gamblers I know who’ve been to Atlantic City have come back disappointed and with tales of things going downhill. Hotels are closing or if open, not keeping up with their appearance and offerings. Gamblers just aren’t getting the luxury experience they expect when they walk into some of the big name casinos in Atlantic City. And if that experience isn’t there, then why not simply go to a closer casino in another state. Or gamble online. Or if you want to go on a gambling vacation, why not go to Las Vegas.
Atlantic City’s biggest problem seems to be itself and the state of New Jersey. Solutions are being proposed but no one really is showing an effort to put them in place. Can it be that Atlantic City will fall not from the economy and online casinos but simply out of apathy.