Possible Closure of Four More Atlantic City Casinos as Likelihood of Gambling Expansion Could Prove Detrimental
According to financial services company Fitch Ratings, four more casinos in Atlantic City could be on their way to closing up shop if voters in the state elect to approve gambling properties to be built throughout the state.
If, in November, voters elect to approve two more casinos in the Northern part of the state Atlantic City will lose its momentum, well more so than the gambling hub has already. At one time there used to be about a dozen casinos that operated out of the city, but now there are only eight left with the possibility of losing another four more bringing the total number down to four.
Fitch Ratings is the ones that is calling the closures in the state for half of the casinos that remain. They said if the proposed expansion takes place then the state can almost count on the closures. Fitch also said that Golden Nugget, Resorts Casino and Trump Taj Mahal are three that are most susceptible. Declines of 10% and 20% in GGR would put Taj Mahal and Resorts at risk.
The entire area where casinos are allowed in the Garden State has seen some kind of impact including a huge decrease in revenues over the last decade or so.