Atlantic City now has one of the strongest gambling markets in the United States. Since 2018, revenue from this state’s gaming industry has increased. Recently, a push to demolish the former Trump casino was presented by city officials.
This idea has been presented in the past. For reasons unknown, this venue is still standing. Today, we’re going to look at what city officials are pushing for. We’ll also talk about the effect that the coronavirus is having on New Jersey.
Let’s get into it!
Atlantic City is One Again a US Gambling Hub
For decades, Atlantic City was one of the world’s premier gambling destinations. It drew in people from all around the world. A huge number of world-class gambling venues operated here, many of which put on exciting shows every week.
Things began to change during the late 2010s. In 2008, the recession began to take hold and the US economy was beginning to suffer. Unsurprisingly, this led to a significant decrease in tourism to Atlantic City.
Many of the casinos here were forced to close their doors. Some never opened again. It wasn’t until about a decade later that things began to really turn around.
In May of 2018, the Supreme Court struck down PASPA, allowing every state to set its own laws on sports gambling. New Jersey quickly legalized this industry and before long, every casino in Atlantic City began offering sports betting options. Many believe this helped to bring new life to the city.
Revenue began pouring in. Tourism rates started to increase and now, Atlantic City is one of the most profitable gambling destinations in the country. Officials are now beginning to call for old casinos no longer operating to be torn down.
The Push to Demolish Former Trump Casino Continues
As most already know, Donald Trump operated a hospitality and gaming company prior to becoming president. This company, called Trump Entertainment Resorts, opened the Trump Plaza Hotel in May of 1984. It was located on the Boardwalk in Atlantic City and quickly became one of the most popular venues in the city.
Throughout the 90s, this venue began losing revenue. The hotel-casino eventually went into debt and by 2004, it was forced to permanently close down. Billionaire Carl Icahn eventually bought the land that the closed casino sits on yet nothing has taken place here.
It appears this is going to change soon. This week, city officials officially asked a judge to order that the former Trump casino be closed down. They argue this venue is now a safety hazard, as several pieces of the venue have recently broken off and fallen to the ground.
Interestingly, Carl Icahn is claiming he’s already decided to demolish the building. For that reason, the steps that city officials are taking are unnecessary. Hunter Gary, president of real estate for Icahn Enterprises, spoke about this to the media this week.
“We are puzzled by the city’s action,” he said. “In fact, we already decided to demolish the building, and have commenced the process, including finalizing contracts. If the mayor had simply called us instead of holding a press conference, we could have updated him as well.”
It seems that this famous hotel-casino will soon be torn down. We’ll need to wait and see if the judge decides to act before Icahn takes things into his own hands.
Is the Coronavirus Affecting Atlantic City?
As of March 12th, Covid-19 has now infected more than 1,500 individuals around the US and has killed thousands of people worldwide. Obviously, fear is growing that this will significantly affect the US economy. The stock market has already taken a major hit and many are curious how the country’s gambling industry will be impacted.
Things have been going very well in Atlantic City for the past few years. In fact, revenue has increased almost every single month! According to new figures, revenue here went up significantly in 2020 compared to 2019.
Many analysts don’t feel this will last in March. The US population is only now beginning to understand how serious of an issue this really is. As more people become infected, less will want to visit crowded areas such as casinos.
We won’t know exactly how this city is affected until early next month. By then, new revenue figures will become available. If things continue to get worse, perhaps it will be months before the former Trump casino is actually torn down.
This is an important time for gambling operators. Stay tuned for updates on the US casino industry over the next few months!