Recent figures published concerning the casino revenues of Atlantic City have revealed that the region is suffering one of the biggest declines in years.
The area, which was once known as ‘America’s playground’ has reportedly now got one third of its casinos going into administration. Revenues in the New Jersey gambling haven have now dropped by 50 per cent, with the Trump Plaza recently being named as one of the newest and biggest casualties of the area’s decline in popularity.
More than 5,000 jobs were also axed when a $2.4 billion project, the Revel Casino, failed to get off the ground in 2012.
Economists have blamed the fall of Atlantic City on a saturated market, citing “too many casinos in one area” after more resorts began to crop up in neighboring states New York, Pennsylvania and Maryland.
But the problem has not just affected the east coast – Las Vegas could also be suffering the same fate, particularly where the environment is concerned. In July of this year, it was reported that Lake Mead, the main water source for the Nevada-based resort, had its lowest water volume on record since 1983. Experts claimed that fans of the City of Sin could have just 20 years left before the lake dries out altogether.
But while environmental concerns could be affecting Las Vegas, the land-based casino industry is not just suffering from a lack of interest from punters. Advances in technology have also given rise to online casinos, which are becoming more and more popular by the day.
The reasons that players would choose an online casino over a land-based casino are both obvious and plentiful. For one, sites like Uptown Aces offer players support on how to play their favorite games, taking away the social stigma of sitting down to a blackjack table with a real life dealer.
Moreover, improved accessibility is making gamblers turn away from land-based casinos. With the digital age giving us more smartphone options than ever and mobile internet like 4G on the rise, consumers can take part in a number of different gambling games from live sports betting to casinos in one easy swipe.
It’s not all bad news for land-based casinos however. While the digital age may be forcing some casino owners to play catch up, staff in the Atlantic City region remain optimistic. Tom Balance, chief operating officer and president of Borgata Hotel, said: “Even the most pessimistic forecasts have Atlantic City at a $2bn market, which would still be the third biggest market in the US five years from now.
“It’s not dying, it’s just changing dramatically.”