Caesars Entertainment announced Friday that the Showboat Atlantic City Casino and Hotel will close its doors on Aug. 31.
Philly.com noted that Showboat’s parent company cited declining revenue, increased competition and a high tax burden as the reasons for the closure.
"While we regret the impact that this decision will have on our Showboat associates, we believe this is a necessary step to help stabilize our business in Atlantic City and support the viability of our remaining operations in the vicinity," Gary Loveman, Caesars' chairman and chief executive officer, said in a statement.
The announcement to shut down Showboat comes on the heels of last week’s announcement that fellow Atlantic City Casino Revel could also shut down this summer if a buyer is not found.
Showboat will become the gambling town’s second casualty this year. The Atlantic Club Casino Hotel closed in January after being in business for 33 years. Showboat has operated for 27 years.
After the closure of Showboat Atlantic City, there will be 10 casinos left in the town.