Atlantic City’s casino market’s winning streak has come to an end.
The owners of the Trump Plaza Hotel & Casino said they expect to shut down in mid-September, a move that could be another nail in the gambling hub’s coffin. The New Jersey city has been under pressure as more casinos open up along the East Coast, including in nearby New York, Pennsylvania and Maryland.
From 2004 to 2013, Atlantic City casino revenue has dropped 40%, according to UNLV, Center for Gaming Research.
Layoff notices went out to the casino’s 1,000-plus employees Monday, according to local reports. If Trump Plaza closes, Atlantic City could lose one-third of its casinos and one-quarter of its casino workforce in less than nine months, according to reports. Trump Plaza opened in 1984 and is one of the smallest casinos in AC.
In January, The Atlantic Club shuttered, the Showboat is closing next month. The $2.4 billion Revel might do likewise if a buyer can't be found in bankruptcy court.
Cheryl Casone joined FOX Business Network (FBN) in September 2007 as an anchor. She also serves as a financial contributor on FOX News Channel (FNC), and provides weekly job reports. Click here for more information on Cheryl Casone.