Why is Atlantic City collapsing? - FOX 13 News

Why is Atlantic City collapsing?

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NEW YORK (MYFOXNY) - Just minutes from Manhattan, Resorts World Casino in Queens offers a world of hope for gamblers.

“I want to win a million dollars!” one lady told us.

And who doesn't?

For decades, making some quick cash was the main drive behind so many taking the ride down the parkway to Atlantic City.  But with so much to choose from nowadays, it looks like Atlantic City is in a lot of trouble.  

There are 39 casinos on the eastern seaboard from Florida to Canada.

The 27-year-old Showboat casino closed on Sunday and the Revel casino built for a $2 billion dollar price tag just two years ago begins the process of a permanent shut down this week.

The trifecta casino crumble will be complete when Trump Plaza shuts its doors September 16th, leaving 5000 Atlantic City workers unemployed

“There are too many other casinos around...who wants to drive two hours?!” one gambler told us.

In just the last 8 years, Atlantic City casino revenues are down about half from $5.2 billion to $2.8 billion and still dropping, along with the actual number of casinos.

The year 2014 began with 12 casinos, by year's end, only 8 casinos will still be in business. 

Earlier this summer, we traveled to Atlantic City and spoke with Dave Rebuck, the Director of the New Jersey Division of Gaming Enforcement.

He says the problem is not Atlantic City itself, its just having too many casinos in one place.

"This region, its not just Atlantic City, the region as I have mentioned before, the region is saturated. There is no doubt about it, you look at other states. Delaware is struggling. Pennsylvania has leveled and is going down" he said.

Resorts World Casino which opened back in 2011 has become the most successful racetrack casino in New York State and one of the most profitable casinos in the United States.

There is a different story in AC with so many people out of work, the Atlantic City Convention Center will have to open its doors to accommodate all those people filing for unemployment.

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