Predicting Atlantic City’s Future of Thriving or Being Off Shored
Without a doubt, brick and mortar casinos have fallen in the entertainment rankings in recent years which comes with a hard-hitting economic effect. In a city that practically survives on gambling revenue; Atlantic City has suffered yet again from an economic downfall. Previously known as “a slum by the sea,” Atlantic City's only hope was the continued success of these top rated casinos having continued success.
Many have wondered what's caused this downturn in business. Theories exist that seem to be proving themselves to be true. The first challenge facing casinos is technology. The internet has taken the spot of as being the top gambling venue. People are accustomed these days to doing everything online. Even folks who once were never confident in technology have become immersed in the comfort and convenience of doing everything from their space. Baby boomers, which historically would have been the next generation of regular casino customers have also been derailed by the internet, causing Atlantic City to be full of vacant buildings and hope for recovery.
The trend in top rated casinos is an attempt to capture the millennial generation market. There's a serious caveat in catering to this group; they couldn't care less about gambling. Studies in Las Vegas show the inheritance bound youngsters simply don't gamble. They find slot machines to be boring and would rather spend their time and money at a nightclub should they wish to use their disposable income. They also make decisions based on information rather than emotion which is far different than the olden days where information took a bit of legwork to procure. Those who've studied this group have found that they either need to given into their preferences or simply lose out on the opportunity.
Despite the grim outlook, gambling is still very much alive and here to stay. Online casinos have surged in their revenues, topping over a 20 percent increase in just the last few years. On the other hand, Atlantic City casinos have seen a 1.5 percent increase after losing big for the last few years. It's unclear, however, exactly what the reason for the growth in traditional casinos has been. Atlantic City is also trying to catch up from the economic impact and getting itself deeper into debt as a result. The city has paid out millions already on property tax refunds, and now casino operators are demanding their money and even adding to the pile of claims. The city states the primary reason for being indebted to operators and even having a backlog of claims is a result of poor economic forecasting and planning.
While the future is unclear for Atlantic City, it'll be interesting to see if casino operators will stay optimistic. With several closings in recent years, the outlook appears to be grim. Whether or not the casino operators will adjust their business plans, or perhaps move to a new interest in top gambling websites. The current political climate and economic concerns are certainly a part of the equation. Operators and even online gaming operators certainly have their work cut out for them. Constantly keeping skills sharp and being able to predict the future of risk and reward will be an integral determinant in the future of games of chance.