For a long time, residents of Atlantic City feel that they will lose. The problem is Pennsylvania casino gambling expansion. But now analysts maintain that Atlantic City casinos have no reason to panic.
Atlantic City casino industry is fighting hard. The aim is to have a firm grip on the casino business. For decades, the gaming sector is suffering from plumbing revenue.
Gaming investors in Atlantic City say there is a problem. They point out that the problem is gaming expansion in neighboring states. That is why for many months now, residents are crying to authorities.
Revenue declines in AC, when neighboring states expand gambling. But this is a claim gaming experts are now refuting.
Experts say no need to worry. They comprise gaming professionals and financial experts. Gambling experts say that there is no reason to worry. They argue that Pennsylvania is doing what the necessary for the economy.
To the team, building a satellite facility within its jurisdiction violates no law. Hard Rock is currently betting on that with more than $550 million already put.
Other people and companies have added their voice on the matter. One of them is Fitch Ratings. He is one of the top three credit ratings in town.
His observation on the matter is that there will not be a negative implication. He said, “Authorizing 10 satellite facilities. Introducing slot machines in bus stops and other things is a good deal. Many people will access gaming. Many others will do business. There will be job creation. I don’t see how this will affect Atlantic City’s comeback.”
But Colin Mansfield, who works with Fitch Gaming, Lodging & Leisure differs. He argues that it is a bad thing to lose for the second time.
“It is terrible when you think of losing the same revenue the second time,” Colin says.
Pennsylvania Gaming Expands On Atlantic City Casinos Business
Atlantic City may never get back to the glory that it was enjoying in those days. In 2006, the city was collecting up to $5.2 billion. But things have changed a lot since then.
Today, AC is struggling to achieve a comeback. During those days, when AC was collecting $5.2 billion or so, things were different. It is only Delaware that was approving certain forms of gambling.
In other states neighboring New Jersey banning of some forms is a norm. But now things are turning a different direction. Pennsylvania is allowing all forms of gambling.
According to the new law, you are at liberty to put slot machines at some designated places. That can be bus stops, bars, cafes, airport terminals and other convenient places.
This is what Atlantic City sees as a threat to its comeback. New York, Delaware and Pennsylvania allow all forms of gaming.
It means that now, it is possible for many people to find gaming close to them. When this happens, these people will not visit brick and mortar facilities.
Investors at the Atlantic City Casinos are having a hard time. They are seeing that it will be difficult for them.