NEWSMAX: …The casino industry was already in trouble in Atlantic City long before the storm hit, because of increasing competition from casinos in neighboring states and a declining economy, reports the Bergen County Record. But when Sandy came ashore, the casinos were forced to close for five to seven days, and they lost millions of dollars.
Even though the casinos have re-opened, gamblers aren’t yet flocking back. Initial reports of damages to the famous Atlantic City boardwalk said it was far more damaged than it really was, which may have kept gamblers away, and much of the customer base is busy rebuilding after the storm and does not have the money to spend gambling.
Joseph Weinert, senior vice president of Spectrum Gaming Group near Atlantic City, noted the gambling market is now down 40 percent from its peak levels, but the city still has the same number of casinos. And while some properties have a margin for error, others won’t be able to last and he would not be surprised to see at least one casino close this coming year… (more)
