Remember how we were told by our betters that Atlantic City would be revived and rescued from its status as New Jersey’ slum-by-the-sea? How it would be done by establishing a bunch of casinos near the boardwalk and thus drawing a bunch of would-be high-flying gamblers who lacked the time or the funds, or both to travel to Las Vegas where the real legal action was.
Now, it’s years later, other states got the same idea, and Atlantic City casinos are going like flies. In the words of the Washington Post reporting the imminent closure of the Trump Plaza:
In addition to Trump Plaza, two other hotels are expected to close in the near future: Revel, the highly-touted $2.4 billion resort that opened in 2012 with dreams of providing a different Atlantic City experience, says it could close by August if it can’t find a buyer. The Showboat Casino Hotel will also close in August, according to Caesars Entertainment. Mark Berman, Trump Plaza Is Closing. This Is Just the Latest Sign of Atlantic City’s Dramatuic Decline, Washington Post, July 14, 2014. Click here http://www.washingtonpost.com/news/post-nation/wp/2014/07/14/trump-plaza-is-closing-this-is-just-the-latest-sign-of-atlantic-citys-dramatic-decline/?hpid=z3
Which goes to show once again that redevelopment is development with the prefix “re” attached to it. Which is to say that it has its risks as well as its rewards. Sometimes it works and sometimes it doesn’t.
The NY Times has chimed in today (7/15/14) with its own take on the Atlantic City disaster. Click here for the story. http://www.nytimes.com/2014/07/15/nyregion/as-casinos-start-to-fall-atlantic-city-struggles-to-rise.html?hp&action=click&pgtype=Homepage&version=LargeMediaHeadlineSum&module=photo-spot-region®ion=photo-spot&WT.nav=photo-spot&_r=0
In the end, one picture is worth a thousand words. And here is such a picture brought to us by the NY Times.