How Many Casinos in Atlantic City Went Bankrupt?
The once bustling city of Atlantic City, New Jersey, was once the hub of the East Coast gaming industry, with a vibrant array of casinos attracting visitors from all over the world. However, over the years, the gaming landscape has changed dramatically, leading to the closure and bankruptcy of several casinos. But just how many casinos in Atlantic City have gone bankrupt? Let’s delve into this topic and explore the factors that contributed to this decline.
The first casino to file for bankruptcy in Atlantic City was the Sands Casino Hotel, which filed for Chapter 11 bankruptcy protection in 1991. This marked the beginning of a series of financial struggles for the city’s casinos, as competition from neighboring states and the rise of online gambling began to take a toll on the industry.
Over the years, several other casinos followed suit. The following is a list of notable casinos that have filed for bankruptcy in Atlantic City:
1. The Sands Casino Hotel (1991)
2. The Showboat Atlantic City (2014)
3. Revel Casino Hotel (2014)
4. The Atlantic Club Casino Hotel (2014)
5. Trump Plaza Hotel and Casino (2014)
6. The Borgata Hotel Casino & Spa (2016)
7. The Trump Taj Mahal Casino Resort (2016)
In total, seven casinos have filed for bankruptcy in Atlantic City since the early 1990s. This includes some of the most iconic properties in the city, such as the Sands, Showboat, and Trump Plaza.
Several factors have contributed to the bankruptcy of these casinos. One of the primary reasons is the increased competition from neighboring states, such as Pennsylvania, Delaware, and Maryland, which have their own casinos and racetracks. This has led to a significant decrease in visitors to Atlantic City, as gamblers have more options closer to home.
Additionally, the rise of online gambling has also played a role in the decline of Atlantic City’s casinos. With the ability to gamble from the comfort of their own homes, many people have turned away from visiting land-based casinos.
Lastly, the city’s struggling economy and high unemployment rates have also taken a toll on the gaming industry. As more people seek alternative sources of entertainment and income, the demand for casino gaming has decreased.
In conclusion, a total of seven casinos in Atlantic City have filed for bankruptcy since the early 1990s. The factors contributing to this decline include increased competition from neighboring states, the rise of online gambling, and the city’s struggling economy. As Atlantic City continues to adapt to these changes, it remains to be seen whether the gaming industry will ever regain its former glory.
