New Jersey’s Economy is Affected by the Problematic Gambling Industry

Events & Reports

130401574061463810Atlantic City – one of the most popular tourist destinations in New Jersey that takes pride in having bustling economy, plenty of attractions, abundant nightlife and last but not least – thriving gambling indusrty, is now facing up serious problems, caused by the closure of several local casinos, that were said to boost the economy and attract tourists and local people alike.

According to the specialists, mainly the tourist business will experience the severe consequences of the shaky gambling industry. As a matter of fact, the state income that comes from tourism will be affected as well as the job market in the region, which will need a lot of time to recover.

Up to now, the estimated losses are equal to $2,3 billion – an amount that is impossible to be brought back by any means. The economy experts have come to the conclusion that the best way to avoid further cataclysms and keep the number of tourists the same, is concentrating on developing attractions, different from gambling. Failing to achieve this may result in a rapid decline in the number of people who visit Atlantic City.

For the time being, Atlantic City is visited by more than 25 million people every summer. Needless to say, tourists don’t miss to go to some other attractions, located nearby – Cape May, Ocean City, etc. They usually go sightseeing, do some shopping or have a dinner in the local restaurants. Then, they enjoy the various gambling, sports, recreational and nightlife opportunities that Atlantic City offers. In other words, failing to keep the economy of Atlantic City stable means that the nearby areas will also experience the negative aspects of that failure.

“It is a staple. When they are not going to Atlantic City, that cuts us out the picture.” – says one of the local merchants.

Right now, the traders feel uneasy about the baffling situation they are at. Most of them admit that the closure of some of the most popular casinos (namely Trump Plaza, Atlantic Club, Showboat and Revel and eventually Trump Taj Mahal) made them wonder who will be the next to file for bankruptcy.

A lot of the New Jersey’s residents make a living by working at the casinos all year round. Although they haven’t been affected by the changes yet, that is unavoidable unless urgent actions are taken by the authorities.

When asked about his standpoint, Thomas, the owner of a bar, shared the general opinion of the local traders who are extremely concerned about their well being during the winter months when the tourism industry gets weaker, which therefore makes them unable to make ends meet: “I’ve talked to many others in the area. Everyone is thinking the worst.”

Despite all the issues, the Long Beach Island is believed to attract a considerable number of visitors who wouldn’t miss the exciting events that usually take place in the area. And while some of the tourists say that the closure of the casinos made them choose another destination for their summer vacation, others have firmly stated that New Jersey is their favourite place and they will not give up on visiting it regardless of the shocking news, concerning casinos, restaurants and facilities.

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