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Casino Vote Could Turn Out to be a Win for Atlantic City Casino
- October 31, 2016 By Samantha A. -
The casino expansions that have taking place all through the northeastern part of the United States has been the main blame for most of Atlantic City’s financial struggles, the first attempt that was taken by New Jersey in order to take advantage of some of the expansion benefits seems to be fated to fail.
New Jersey’s failure could actually turn out to be a win for Atlantic City at least on a temporary basis. Many of the south Jersey and Casino business leaders are afraid that they will end up losing 3 of the surviving casinos if the instate struggle is approved in a statewide vote this coming month.
Business leaders as well as Atlantic City casinos held a gathering this past Thursday in contradiction of this expansion plan, which is in fact trailing very badly according to the poles.
This November 8th vote comes despite the fact that Atlantic City’s casino businesses remains to shrink. In the year of 2006, the very first casino opened its doors within the neighboring state of Pennsylvania, at this time the casinos within Atlantic City were taking in a profit of close to 5.2 billion dollars. According to figures that 5.2 billion had fallen to 2.56 billion dollars, and 5 of the 12 casinos within the city have closed their doors since the year 2014, Trump Taj Mahal was the most recent casino to have close their doors on October 10th, 2016.
This referendum does not actually state where exactly these proposed casinos will be located, but publicized proposals have noted that casino will be located at the Meadowlands Racetrack that is located in East Rutherford, Pennsylvania.
It has also been noted that part of the tax revenue that will be raised from these new casinos would in fact go to Atlantic City to assist in compensating for up and coming expected losses in business.