Translation: nobody wanted this white elephant but they held out til the bitter end.
I quit going when they banned smoking. Figured if they didn’t want me I would take my money elsewhere. Now I go to Gulfport, MS. Rather lose my money to a red state anyway.
“It will be the second of four Atlantic City casinos to shut down this year as the resort city’s gambling market continues to crumble.”
The mob thugs who own and finance casinos will wake up some day and fire Harry Reid, Pelosi and other rats in Congress for removing basically any disposable income the average American has.
Also, the real unemployment rate, which has to be really high, has a very negative impact on gambling. When your house is under water, and you have trouble making ends meet, you are probably not making many trips to Casinos.
$2.4 billion to build and never turned a profit—Yikes!
Some investor group got royally hosed.
Yeah, the economy sucks, but this has far more to do with gambling being legalized in neighboring states.
Gambling is such a waste of money and a drain on the economy.
Somebody really needs to do a study on the economics of casino gambling. I would theorize that the bread and butter are old ladies and tourists. The grifters and “whales” probably don’t account for a huge share of their revenue stream. So when the old ladies are saving their pennies to buy food for their cats, and the tourists are staying in Des Moines, the core of their funding dries up.
So why would old lady/tourist dollars be drying up? Ask the obamateur.
Revel was a desperate attempt to create a go to resort destination in Atlantic City. AC is much more reliant on day trippers than say Las Vegas which is a destination even for people who do not gamble. The idea of some fancy resort in the dump that is AC was questionable at the time and proven to be a fantasy. If you want to go to a nice resort much nicer places down the Atlantic Coast. Gov Christie blew $250 MM in state money to complete the construction of the resort.
We stayed at the Revel recently, did not gamble a single penny, but we got a great deal on the room. The hotel part is really beautiful; wonderful views, lovely rooms, fantastic Spa and very good & varied eating places (both cheap & pricey). However, the residential area just outside of the hotel is blighted, with places I definitely would not walk at night, and the beach was pretty blah, too. Still, we were planning on going back ... guess not.
What dunderhead decided to build a $2.4 billion casino in this economy? Did the taxpayers put up a lot of funding for it?
I believe all people can “afford” now is to go to the convenience store, buy their $2.58 half-gallon of milk, with their SNAP card... and then take the 3 quarters, 2 dimes, and 4 pennies from their pocket, pick out the lint, grab a penny from the “give a penny, take a penny tray” to make it a Dollar, and buy a scratch-off lottery ticket.