Atlantic City bleeds as would-be gamblers pay bill

Bloomberg
Posted: Tuesday, Jan 13, 2009 at 2232 hrs IST
Updated: Tuesday, Jan 13, 2009 at 2232 hrs IST

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: minimums were once the norm.

Three signs pitch a $2.5 billion Pinnacle Entertainment Inc casino-hotel project, which the Las Vegas-based company put on hold earlier this year. Another planned $5 billion Atlantic City resort was cancelled in October last year by MGM Mirage, the Las Vegas-based casino company owned by Kirk Kerkorian.

MGM co-owns Atlantic City’s most profitable hotel casino last year, the Borgata. Casino winnings there dropped 2.9% in December, 2008 to $57 million.

Atlantic City was a decaying resort area until New Jersey legalised casino gambling in 1976 and limited it to the one location. The first casino, Resorts International, opened in 1978. By 1988, 12 were running and visitors had increased to 33 million, according to the city’s master plan....

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Atlantic City bleeds as would-be gamblers pay bill

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