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December 02, 2015

A report was recently released by Moody's and it did not look favorable towards the future of Atlantic City casinos.

During 2014, four of the twelve casinos in Atlantic City closed. It is expected that at least three more casinos could close by the end of next year. With the closing of the casinos, 8,000 people could be out of work.

Massachusetts, Pennsylvania, Maryland, and New York have plans to open eight new casinos by 2018. It is estimated that the increased competition could hurt Atlantic City revenues even more.

The increase in the number of casinos has been a way that states have dealt with keeping gaming money in within their borders. Since 2012, Ohio has opened eleven casinos.

In 2014, casino revenues from Atlantic City equaled $2.74 billion. That 4.5 percent lower than in 2013. It is also 48 percent lower from 2006.

20,000 new slot machines will need to be purchased for the city's eight new casinos according to Moody's.

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