What Are the Economic Effects of Atlantic City Casino Closing Research Paper

What Are the Economic Effects of Atlantic City Casino Closing - Research Paper Example The major factor contributing towards the closing of casinos in Atlantic City is determined to be plummeting revenues. Numerous factors have been identified that can be attributed to the reducing revenue of the casinos in the city. Few prominent factors are briefly evaluated below. Atlantic City has always been a place of tourist attractions. However, the financial crisis witnessed by the US and the heightened casinos' competition have the dramatic impact on tourists visiting the city. The numbers of tourist visiting the city have been declining, which has negatively influenced the expectations of casinos owners in the city. In addition, the aging casinos in Atlantic City followed by an opening of new casinos in other cities have significantly drawn the attention of tourists towards other cities. One of the major reasons behind increasing competition is that during the financial crisis, many states opened new casinos to increase their tax collection. Notably, intense competition has radically contributed towards the massive fall in gambling revenue of the casinos in Atlantic City. Atlantic City is the home to magnificent and luxurious hotels. Visitors across the world visit Atlantic City and spend their leisure time with their family members and friends. The diminishing number of tourists has increased their operating cost while reducing the overall revenue. The failure of the tourism and gambling industry to respond effectively to the changing trend has forced the hoteliers to close out their hotels and casinos.