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Plans for New Atlantic City Casinos Folded Like House of Cards
ATLANTIC CITY, NEW JERSEY --
A year ago, casino operators and the outsiders who want in the gambling club all continued to pretend the emperor still had clothes. In their minds, all Atlantic City needed was an infusion of new, bigger, flashier casinos in the Las Vegas style.
But now, the truth is bare for all to see and acknowledge, even if only through action and not speech. No one wants to admit it, but the city's wished-for comeback is being given up for dead. Developers are dropping projects faster than you can say urban blight.
The Atlantic Beach Resort and Casino, a new casino that had been proposed by AC Gateway and would have contained the largest gambling floor in the town, was put into suspension by its owners this week. Both MGM Mirage and Pinnacle Entertainment have abandoned plans for new multi-billion casinos in Atlantic City.
Blame the economy, the new slots in nearby states, the smoking laws, the Tropicana debacle, the transportation industry. But know that Atlantic City was never fully comfortable with what made it money "The old people and bus riders built this town, but the casinos want to act like they're Las Vegas," says Tony Libarto, a dealer at a casino."They couldn't accept they were the discount market, so now everyone's gonna bankrupt."
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