For the first time in over two decades, Atlantic City’s casino revenue fell below $3 billion dollars last year.
According to the Associated Press, on Tuesday the state Division of Gaming released its data that showed the city’s casinos gained $2.86 billion in 2013, down from over $3 billion the previous year.
On Monday, one Atlantic City casino was forced to close its doors after filing for bankruptcy in November.
The Atlantic Club Casino Hotel was in business for 33 years, but struggled recently with the competition. However, AC casinos no longer have to deal with just the competition in the area, but also with other casinos much further away.
The AP notes that gambling has been plummeting in the New Jersey town for years, ever since regional casinos have popped up in neighboring states.
On Friday, the Las Vegas Sun reported that the Nevada Gaming Control Board’s figures showed that the state lost a combined $1.35 billion in 2013, the fifth straight year of losses.
Regional casinos, an unstable economy and less visitors, who are less willing to spend more money, are some of the factors attributed to the loss of profits and revenue.
At Large Senior Editor, Temple University graduate, Philadelphia resident and avid sports fan.