It used to have a monopoly on gambling on the East Coast. (Tim Shaffer/Reuters)Ītlantic City fell ill for two main reasons: competition and no Plan B. That year the city's casino revenues were about $5.2 billion, but they have been cut in half. We've been fighting it and fighting it,' he said of the impression left by media coverage.Ī blackjack dealer displays cards at Caesar's casino in Atlantic City in July 2006.
'If you listen to the newspapers around the country Atlantic City is dead,' said Kravitz in an interview just before his daily call-in show that he broadcasts from The Borgata casino and hotel. It's on life support - but it is not dead, according to loyalists including radio host Pinky Kravitz.
The New Jersey city once known as 'America's playground,' is not in good health. The city is $260 million in debt and owes millions more in bonds. Its credit ratings have tanked and more than 6,000 casino workers lost their jobs last year alone. That has meant job cuts, mostly through attrition, and pay freezes. Plunging casino revenues put a massive hole in the city's budget, which is now being slashed as a result. East Coast for more than 30 years is down on its luck, and its troubled finances are raising questions about whether it will follow in Detroit's footsteps and file for bankruptcy. Atlantic City, famous for its beach, boardwalk and casinos, has seen better days.
