Atlantic City was a major destination for many gamblers in the early 1900's. Atlantic City quickly became a hotspot for high-rolling, casino-loving entertainment. The casinos along the boardwalk began to grow as did the city's population. After a few decades of success, however, casinos started closing and people started leaving the city. Today, there are only five casinos left open in Atlantic City, but it'll soon be gone forever if the proposed legislation is passed.
This piece will discuss how casinos were once so abundant that they were on nearly every corner of Atlantic City and how they've begun to dwindle in number today due to changing consumer habits and economic trends.
Atlantic City's History
In the early 1900's, Atlantic City was a major destination for gamblers. The city had many casinos along its boardwalk and was filled with wealthy people from various parts of the world. The high rollers flocked to Atlantic City in search of a good time and entertainment.
In the 1960's, gambling became more popular in many places throughout America as well as other countries and Atlantic City's casinos were still very successful during this time. They began to grow into huge hotels that catered to millions of visitors every year.
However, after several decades of success, the casinos started closing due to changing consumer habits and economics trends. With only five casinos left open in Atlantic City, it will soon be gone forever if legislation passed by New Jersey pushes through.
How Casinos Were Once So Abundant
Atlantic City was once a much more lucrative place to be for casinos. In the early 1900's, there were even more than 50 casinos in Atlantic City. The first casino, built in 1835, was called "The Bank." From there, the city began to grow until it became known as a hotspot for high-rolling gamblers.
Since then, casino revenue has declined with age and competition. The Atlantic Club Casino closed in 2003 and all four remaining casinos went bankrupt or had their licenses revoked since 2008. Meanwhile, consumer spending in the city has been decreasing steadily since 2006. Lawmakers are now considering legislation that would make the city completely open to casinos again but only five remain open today.
Atlantic City's Changing Consumer Habits
In today's world, consumers are more budget-conscious and technologically savvy, which has changed how they spend their money on leisure. In the past, people would save up for a vacation and go to Atlantic City as soon as they could afford it. But with the rise of online gaming and other entertainment options, people have shifted their spending habits towards these other forms of leisure.
It's also important to note that casinos started closing because of changing consumer habits. With new options that are less pricey than gambling, it makes sense why consumers would rather spend their money on online gaming or trips to Disney World instead of gambling at a casino.
Atlantic City's Economic Trends
Atlantic City is a big draw for tourists and locals alike. Its wide variety of attractions appeal to many different people, but with the frequent closures of casinos, it's difficult to keep the city afloat.
During the early 1900's, gambling was seen as an innovative way for people to spend their money, which lead to casinos sprouting up all over Atlantic City. The casinos were an immediate success; Atlantic City continued to grow and attracted visitors from across the country.
gamblers have started moving on from less expensive forms of entertainment like slot machines to more expensive options such as poker tournaments and high-stakes games of blackjack. In addition, according to statistics from the New Jersey Division of Gaming Enforcement (DGE), in 2017-2018 alone, casinos saw a 16.5 percent decrease in their market share while other forms of gambling increased their market share by 10 percent.
Additionally, the number of casino-related jobs has been declining since 2006 which is correlated with lower revenues and fewer visitor numbers that are fluctuating based on economic trends in the nation as well as within Atlantic City itself. With these changing trends on top of changing consumer habits, it's easy to see how Atlantic City's economy couldn't keep up with today's trends no matter how many casino openings they had!
Why is it so important to keep the casinos open?
The casinos are an integral part of Atlantic City's history and culture. They helped the city grow, providing a variety of jobs and entertainment opportunities to people all over the world. Without the casinos, Atlantic City would no longer be what it is today. The casinos are important to maintaining tourism, which is the lifeblood of this industry-driven city.
Atlantic City has a long and complicated history, but thanks to the casinos, it has been able to maintain an economic presence in the United States. However, due to the enormous amount of competition in the gaming industry, it is difficult for Atlantic City to compete and maintain a presence in the market.
The casinos remain a central part of Atlantic City's history and identity. If they were to shut down, the area would lose its identity and purpose, while also losing a significant source of employment and revenue.