New Casinos Rise From The Ashes Of Atlantic City
As dark a day as it is for New Jersey, who are facing dwindling gambling revenues and will be left with only 7 casinos come the end of the 2014, it would appear as if new casinos are rising from the ashes to pick up the dregs following the sinking of the good ship Atlantic City.
While Atlantic City may be struggling with a decline in revenues, the loss of 5 casinos and nearly 10 00 jobs, the outlook further South seems less bleak. Baltimore’s new Horseshoe Casino, which opened on the 26th of August, had an extremely impressive labor day weekend and registered over 60 000 visitors. The Horseshoe also happens to be the fifth Maryland casino to open since 2012 with the state seeing some of the fastest growing gambling revenues in the US. Some Maryland officials are even speculating that it could generate over a billion dollars a year and have authorized another casino, a $925 million project, to be completed by 2016.
Maryland is not the only state that is showing such impressive numbers and it would seem that Americans have a new take on gambling. In a largely repressed country, they have become a lot more interested in the offerings provided by the casinos, but have become far less interested in having to travel long distances to play.
This, many have speculated, is one of the biggest problems facing Atlantic City and why other states are paying close attention to where they place casinos and how many are allowed to operate within the state’s borders. When New Jersey legalized gambling in 1967, the state didn’t impose any restrictions on the amount of casinos that were allowed to open, only that they were located within the state’s borders and had a 500 room hotel to accompany the casino.
Now though, with the newer legalized states, they have been a lot more careful with how many casinos are granted licenses and where they are positioned. Instead of choosing any location, the various states are ensuring the casinos are positioned closer to their gamblers or potential gambling hotspots.
The North East, for example, has seen more casinos open in the last decade than any other region in the country with 27 new casinos being opened throughout the Mid-Atlantic States up through New England. It has grown by such an extent that, in a recent study conducted by Fitch Ratings of New York, it was forecast that the industry would reach a saturation point and generate revenues in the region of $7 billion year.
Even New York has entered the casino fray and are currently viewing proposals by development firms who are all vying for four licenses for 4 new upstate New York casinos. This, it would appear, is the right time to enter the casino industry as not only is the US experiencing a massive casino boom, but states that entered the legalized casino industry later on, are showing a lot more revenue than those that opened casinos in the early parts of 2000.
Pennsylvania, one of the biggest gambling states in the US, has seen its revenues fall for the last two years, a total of 4% from 2012. Delaware is also showing a decline in revenues which have dropped by 30% since 2011. But those states, it would appear, have made the same mistakes as Atlantic City and have not limited the amount of casinos or the placing of them.
The depleted revenue in some states has led to others such as Massachusetts and the downtown Boston planned casino, as well as Rhode Island who have planned to convert Newport’s small casino into a Monte Carlo type casino, halt their plans in the face of uncertain revenues.
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