Atlantic City’s newest, biggest and costliest casino which spent more than $2.4 billion to build, Revel Casino Hotel, announced that the resort is closing its doors after just over two years in operation. It is the latest in a slew of casinos that announced similar actions recently. Joining the faith of Revel are other casinos including Showboat and Atlantic Club that closed in January. Trump Plaza announced that it will be closing on September 16, 2014 pending approval from authorities. The three mile long Boardwalk will feel the difference without them. Atlantic City started with 12 casinos at the begging of 2014 and will end the summer with only eight remaining.
Once a promising and growing tourist destination what is going on with Atlantic City, the number two after Las Vegas? One reason is saturation. It had too many casinos, more than what the east coast can support. The result is unprofitable casinos closing down. Some of the casinos cost too much money to build and weren’t bringing in enough money to service the debt. The economic slump that the country experiencing for last two years stop people spending any money on vacations and gambling. Demand for casinos fallen steadily causing not enough gamblers and tourists to support.