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Atlantic City gambling worries

taj mahal casino in atlantic city The massive and glimmering new casinos employ a model similar to certain third world economies, where the uber rich build palatial estates on hills overlooking seas of slums. In Atlantic City, the windows on the north facing rooms provide a glimpse of the real, and very troubled life in the low rises beyond, where violent crime, drugs and prostitution continue to be a blight on the city.  The abandoned houses and empty lots that line Pacific Avenue are a strange, if not even eerie testament to the fact that beyond the casino walls all is not hunky dory in today’s Atlantic City . As the new Ocean and Hard Rock Casinos are set to open their doors, having returned hundreds of jobs to those who lost them when the monoliths, formerly the Revel and Trump Taj Mahal, went bust amid mountains of debt, ghosts still linger. The Revel, which has now seen a $175 million face lift, and been rebranded as the Ocean Resort Casino, a Hyatt property, was a colossal failure in its first incarnation, costing $2.4 billion and lasting only 2 years. The Hard Rock Hotel and Casino has risen from the ashes of the Trump Taj Mahal, sinking $500 million in an attempt to breathe new life back into a property that saw 17 years of financial problems and management blunders that ended it bankruptcy in 2016. On top of the need for Atlantic City to overcome a strong legacy of failure, today’s current market dynamics have changed significantly, with the younger generation of millennials looking at gambling as a side-line activity, not the main reason to venture to a specific resort destination. Millennials, the experts say, need and crave other forms of entertainment, making resting on one’s gambling revenue laurels a risky proposition. Las Vegas currently derives over two-thirds of their revenue from non-gambling related activities, including celebrity restaurants, amusement rides, concerts and health spas, something that Atlantic City, in using a gambling revenue first model, has turned a blind eye to. Despite the success to the Las Vegas model, Atlantic City casinos, in the words of Cuozzo, “resemble Vegas resorts in the pre-Steve Wynn era — giant gambling boxes with guest rooms and mediocre ‘restaurants’.” The Hard Rock has brought in a celebrity chef or two but the top of its fine dining game is centred around Jose Garces, known as the Iron Chef, and http://casinobingoory.eccportal.net his Amada restaurant in New York City, http://jackpotswhg.realscienceblogs.com recently shuttered due to lagging business. Another fine dinning option is offered up in the form of American Cut, a steakhouse run by Marc Forgione, that only recently stopped serving lunch in midtown due to insufficient demand.

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