The new team in place to dig Atlantic City out of financial ruin has said that talk about bankruptcy would be premature at this time, but depending on who you ask, it may be the best possible move for the struggling town.
New Jersey casinos have long shared competition for not only gambling dollars, but also performance and entertainment revenue, with many nearby states. State Senator Tom Kean has unveiled legislation he believes will help the struggling Atlantic City entertainment scene as well as other venues statewide.
Unless a buyer comes forward in the final hours, two casino hotels in Atlantic City will shut down this holiday weekend, and local leaders continue to move full steam ahead with transforming the city's reputation into more than just a place to gamble.
Atlantic City casinos will start dropping like flies at the end of this month, but the closures appear to be necessary right now for a market that has dwindled by billions of dollars over the past several years.
There's almost $1 billion this year in non-gaming revenue being generated in Atlantic City, a fact that's being lost in the gaming glut happening nationwide, according to Liza Cartmell, president of the Atlantic City Alliance.
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