And us Gen Y-ers thought we had financial troubles? Well… nothing in comparison to the constant headlines behind the survival of tourism and gambling in Atlantic City. The city’s glowing strip got significantly dim, especially within the last two years alone.
Bankrupt hotels seem to be as dominant as slot machines and hookers on the boardwalk throughout the Jersey Shore’s own mini-Vegas. What’s the future for AC, you ask?
Not even the big names like Trump, Showboat and the latest Revel (a slick-looking parlor of gleaming glass menageries and happening poolside hot-spot that targeted high-end gamblers and socialites) were able to withstand the economic climate change.
The competition of online casinos combined with the jacked up prices of the nightlife scene, more and more restaurants, clubs & businesses are being forced to close their doors once and for all. The lifestyle does not seem sustainable for too much longer. Although as we all know, Jersey doesn’t go down without a fight.
Initially investors believed that by putting more money into each property, boosting the city’s morale and offering a much needed economical face lift, it would attract the younger crowd that is needed to keep the party alive.
Revel was built in a vain attempt to save the city. But Revel couldn’t outlast the 10 month mark before it’s demise. T’s highly publicized financial struggle with the banks in court was splashed across every news outlet for weeks. This is even after Jersey’s own political satire Chris Christie expressed his pride by glorifying the vacation compound, “I think that one of the things that Revel will be is a catalyst for additional modernization and investment by the other casinos to say, listen, if we grow more people here coming to the region and we’re offering something that looks nice further down the boardwalk, maybe people will want to look there as well.”
It was great in theory, but failed miserably. As it now stands, the $2.4 billion Revel may be one of the most spectacular resorts the Governor has ever seen, as he expected the retreat to motivate other Atlantic City casinos to revitalize their atmosphere, but the reality is Revel will only be a catalyst for further bankruptcies as industry after industry finds out what a tapped out consumer with no access to $1.8 trillion in excess reserves truly means.
Talk about a liquidation sale. Is no one else willing to finance with their own dollar bills to restructure these lost causes? Leaders refuse to abort mission.
Two competing rescue packages for the shore town are stalled with the state legislature. Although the adult playground has made $1.8 Million bond payment, temporarily averting default, it’s mayor warns the severity of trouble still ahead. “Financially we’re running on fumes,” Mayor Don Guardian said at a news conference, “We really are teetering on the edge.”
Gov. Chris Christie installed an emergency management team within the boundaries of the city, and its first report called for at least $130 million cuts to the budget, including over 8,000 potential layoffs of workers. Recently, additional lawmakers introduced a proposal to open at least three casinos in northern New Jersey, in an effort to pump money instead of fists back into Atlantic City.
All of this bad press and publicity has put an abrupt halt on millennials packing their Sunday’s best for their usual weekend escapes and summer getaways. Come on young 20 somethings, stop being responsible by paying your bills and saving, just put it all on Red. Hey, you got a 50/50 chance of hitting it big right?
Well, one thing is for sure, these new strides to save the city are ironically the biggest gamble yet!
Of course, I realize that the biggest motivating factor by NJ state officials is greed, but a part of me just really wants to believe that New Jersey refuses to give up their reputation as the hard-partiers they are famed for being.
