Atlantic City casinos will operate as normal in case of any future government shutdowns under a piece of legislation produced by New Jersey Senate President Steve Sweeney and Senators Jeff Van Drew and Jim Whelan.
New Jersey was shut down earlier this week after Gov. Chris Christie and the state Legislature failed to prepare a new budget on time. Historical sites, parks, and different other state facilities were closed during the July 4 weekend as a result from the budget impasse. Under current law, Atlantic City casinos can be kept open seven days after an announced shutdown. However, if the issue that has necessitated the shutdown is not solved within a seven-day period, the gambling facilities are, too, required to close their doors for visitors.
Casinos are one of Atlantic City’s main sources of revenue and their indefinite closure will certainly impact the city’s struggling economy in a very negative manner. More than 50,000 people are currently employed by the city’s seven operational casinos and, as pointed out by Senators, their lives will, too, be affected by a longer state shutdown.
Sen. Van Drew has also told local media that he would introduce a separate bill that would provide for state-run historic sites, parks, and forests to be kept open during a shutdown for 10 days.
Atlantic City seems to be in the middle of a long-anticipated recovery of its casino industry. The city, which was the only place on the East Coast where commercial casino gambling was legal up until not long ago, saw five of its casinos close doors between 2014 and 2016. The closures were the result from growing competition from neighboring states and economic issues in the post-Great Recession period.
The past year has seen the city’s casino revenue improve considerably. What is more, it seems that despite the numerous challenges, Atlantic City has not lost its allure to major investors. Florida-based casino group Hard Rock International purchased the shuttered Trump Taj Mahal casino from its previous owner, New York real estate developer Carl Icahn. The gambling operator is planning to invest $500 million into renovating the property and making it the latest representative of the internationally recognized Hard Rock brand.
Trump Taj Mahal was launched back in 1990. The amount of $1 billion was invested in the luxury property, which was then owned by current US President Donald Trump. Trump Taj Mahal’s former glory was long gone in the years before its imminent closure. However, Hard Rock officials have expressed optimism that the property will be a profitable one after its planned renovation and rebranding.
