A day which no Atlantic City person could have imagined has arrived. Soon there would be a lay-off of more than 5000 employees working in the casinos of Atlantic City is going to happen. This is because three big casinos of the city are going to shut down. They are
While the first among the three to go is Showboat today, Trump Plaza will be the last closing on September 16. Revel is closing on Monday.
Chris Ireland, a bar tender who has been working at Showboat since the beginning said he is shocked and surprised at the events. “We never thought this would happen,” he said. He also said that his wife also works at the same casino. He expressed his deep distress that both of them are going to be jobless soon.
Ireland said he never saw it coming because it is difficult to expect such events especially when the caesers group who owns Showboat is still experiencing good profit.
Showboat spokesperson said they are closing because they want to cut down the number of casinos in the Atlantic City. It seems they are looking to get rid of competition.
Gary Loveman, the CEO of Caesers Entertainment Group in a letter to his employees said, “The Showboat has been in business in Atlantic City for 27 years, and all of us at Caesars are extremely proud of the 16 years that our company operated the property.”
Appreciating the hard work and dedication the employees has shown towards his company, Mr Loveman also said, “I want to thank the Showboat Atlantic City team for their dedication, professionalism, and commitment to our guests — both throughout the years and especially over the past several weeks.
The revenue being generated by the casinos of Atlantic City has gone down from $5.2 billion in 2006 to $2.86 billion last year. It is expected that this year the city may fitness a further downfall in the income.
Analysts think this move is as a result of saturation in the casino market in the Northern U.S which is not doing too well. The experts think fewer the number of casinos will result in better returns.
The closure of these casinos means there will be only 8 casinos left in the Atlantic City.
Mark Giannantonia, the president of Resorts Casino Hotel said, “I truly believe that eight remaining casinos can all do very well when the gambling market is right-sized.”
Don Guardian, the Mayor of Atlantic City expressed his pain for those who are losing their jobs. He said, ”This is going to be a difficult few weeks for many of us in Atlantic City. People will lose their jobs, and that is never good news. Our hearts go out to our neighbors and friends. We still have difficult waters to navigate.”