Atlantic City's rise and fall

Caesar

Well-Known Member
#2
Even worse than Las Vegas

Thanks for interesting article. The city's in even worse shape than Vegas. I wonder if Atlantic City has as many panhandlers as Vegas?!
I think the casino industry's greatest future growth will be online and in Asia.
 

aslan

Well-Known Member
#3
Caesar said:
Thanks for interesting article. The city's in even worse shape than Vegas. I wonder if Atlantic City has as many panhandlers as Vegas?!
I think the casino industry's greatest future growth will be online and in Asia.
The Revel, built by China, is coming to AC in the Fall. My hope is that China and other foreign countries may revitalize our flagging casino industry right here in our own country. Foreign investment in America is not always a bad thing.
 
#4
Atlantic City in dire straits? Blinded by greed

I saw a similar article about Atlantic City, talking about the HUGE expansion, profits and seemingly never-ending piles of money rolling in from gamblers flocking in. Out of curiousity I went to the reader comments at the bottom of the article and we are not talking about a sympathetic public to say the LEAST! "Pocketing millions and not worrying about tomorrow so they are idiots", "Not seeing what was on the horizon competition-wise so they are idiots", "They tightened up because they are so greedy and it's impossible to do anything but lose that much faster so I no longer go so I don't end up calling MYSELF an idiot", "Screw those people and I hope they go broke",etc., etc... In the readers comments I could not find a SINGLE posting that didn't express some sort of negative attitude toward AC casinos!

Some of this is true with regard to the "perfect storm" of economic issues combined with added competition of gaming opening up in neighboring states but there is ANOTHER factor, the short-sightedness of AC casinos to not be prepared for any economic downturns or added competition. They got so used to hauling it in for so long with no end in sight that greed blinded them as to anything possibly going wrong... they continued to write themselves huge bonuses, act irresponsibly with the huge cashflow and it's catching up to them.

Greed CONTINUES to interfere with their rational judgement. In order to be suitably greedy, they are taking it out on the casino patrons by increasing house edges, "tightening up" those machines for short-term gains that will kill them in the long haul. You see, to assume that the vast majority of your gambling base is too stupid to realize that they are losing more money faster is wrong... they notice! They notice enough to get discouraged from playing or at least playing quite as much. I overhear conversations among casino patrons talking about how they USED to actually win on occasion years back and loved to play but now it seems so futile and painfully obvious that "they have tightened up those machines to the point of it being impossible to do anything but lose anything you put in them... QUICKLY!" Discouraged gamblers are not good for repeat business and if you don't toss them a tidbit back once in a while they just might give up. Casinos blinded with greed trying to make up for their financial mismanagement will of course fail to understand this concept and will pay dearly in the long run and eventually the "Association of little old ladies pissing away their social security checks" will dwindle down to fewer members. Even the DUMBEST of people playing 6:5 and H17 blackjack will eventually figure out that they are losing more often than they already were, much more consistently and will become discouraged. Those FUTURE casino patron prospects get their butt kicked hard enough early on and they will never BECOME members of the "Association of little old ladies pissing away their social security checks in slot machines". Gouging it out for more and for all you can produces a lower volume of business and your greed can cost you a lot of money.
 

Caesar

Well-Known Member
#5
AC or Vegas? Both!

Tarzan,

I agree. Casinos thrive when gamblers have a chance to win or at least enjoy their bankroll for a good spell before losing. AC does not have a monopoly on greed and stupidity. Vegas is right there with them. There are at least two reasons why the decline of Vegas is rather less severe: LV continues to attract international and domestic tourists because of its "image." What happens in Vegas...and all the rest. Second, Vegas has not seen a recent casino undustry challenger in a nearby state like NJ has in Pennsylvania.
 

Thunder

Well-Known Member
#6
aslan said:
The Revel, built by China, is coming to AC in the Fall. My hope is that China and other foreign countries may revitalize our flagging casino industry right here in our own country. Foreign investment in America is not always a bad thing.
Not to hijack the thread but have you seen the Revel recently? I walked by there recently and the place is going to be humongous!! I'd say it's easily going to be the biggest place on the boardwalk and maybe in all of AC. They do have one big thing going against them after the initial euphoria wears off and that is location. The biggest benefactor of Revel will be Showboat as they are sure to cash in on the increased foot traffic in that area.
 
#7
aslan said:
The Revel, built by China, is coming to AC in the Fall. My hope is that China and other foreign countries may revitalize our flagging casino industry right here in our own country.
Ya, if they bring the punters with them. Besides, what do you care about that god forsaken wretched industry? zg
 

Dyepaintball12

Well-Known Member
#8
Caesar said:
Tarzan,

I agree. Casinos thrive when gamblers have a chance to win or at least enjoy their bankroll for a good spell before losing. AC does not have a monopoly on greed and stupidity. Vegas is right there with them. There are at least two reasons why the decline of Vegas is rather less severe: LV continues to attract international and domestic tourists because of its "image." What happens in Vegas...and all the rest. Second, Vegas has not seen a recent casino undustry challenger in a nearby state like NJ has in Pennsylvania.
That may be true, but Reno was hurt bad by the emergence of California Indian Casinos.
 

aslan

Well-Known Member
#9
zengrifter said:
Ya, if they bring the punters with them. Besides, what do you care about that god forsaken wretched industry? zg
You're probably right. I can always find another playground. But it was fun while it lasted! :grin:
 
#10
So what's this going to do for counters? I could see it swinging either way. The heat could pick up to protect every last shiny cent in their charge or they could get desperate and loose in the hopes of not scaring off a soul.
 

Caesar

Well-Known Member
#11
The "image" of Vegas

That may be true, but Reno was hurt bad by the emergence of California Indian Casinos.
Good point. And Reno--like AC--does not have the appeal of the Vegas "image" to attract gamblers.
 

FLASH1296

Well-Known Member
#12

Reno was in decline long before the Californians permitted Indian casinos.
My first barring took place there in 1985. It was already circling the drain.
 

Gamblor

Well-Known Member
#13
Thunder said:
Not to hijack the thread but have you seen the Revel recently? I walked by there recently and the place is going to be humongous!! I'd say it's easily going to be the biggest place on the boardwalk and maybe in all of AC. They do have one big thing going against them after the initial euphoria wears off and that is location. The biggest benefactor of Revel will be Showboat as they are sure to cash in on the increased foot traffic in that area.
I'm sure Showboat is wetting their pants. If Revel plays their cards right like Borgata did for a while until recently, with good rules/customer service & management and so forth, they will do well for a long time.
 

aslan

Well-Known Member
#14
Gamblor said:
I'm sure Showboat is wetting their pants. If Revel plays their cards right like Borgata did for a while until recently, with good rules/customer service & management and so forth, they will do well for a long time.
MGM was obviously the force/brains behind Borgata's success. It's been a downhill spiral ever since they were kicked out of Jersy by the now defunct gaming commission.
 
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