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If the owners of Revel go ahead with the closing, announced this week, it will serve as an expensive reminder that the public's thirst for gambling isn't, in fact, unquenchable. It also will be proof that a casino isn't, as was once believed, a recession proof license to print money.
That hasn't deterred officials elsewhere from wanting in on the action. The first non Indian casinos in New York, are awaiting the governor's approval. They'll be aimed straight at Pennsylvania, now the second largest casino market in the country after Las Vegas.
The Mirage eventually would be dwarfed by new, more glamorous resorts on the Strip, including several built by Wynn himself (the Wynn among them) and Wynn would be forced out of his own corporation (now Mirage Resorts International).
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All told, 9,500 jobs will be lost, if all of the closings go through. Atlantic City isn't alone, of course. Mississippi lost one of its largest, oldest casinos recently, and even the Foxwoods Resort in Connecticut, which once raked in money with more slot machines than any casino in the world, is facing financial difficulties.
Nevada and, even more important, the stock market looked at the gaming business.
Thirty years ago, the casino owner Steve Wynn kicked off the third big wave of casino construction in Las Vegas when he announced that Converse Wonder Woman Shoes Uk he would build a resort like none that anyone in Nevada had ever seen before.
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Owners said this week that Atlantic City's newest casino, Revel, will join three others in the resort town n closing before the end of the year.(Photo: AP)
states hoped for
And Atlantic City? Providing a much needed reminder to every state contemplating licensing casinos as a way to create jobs and fill the public coffers, Atlantic City today is in free fall.
Revel, which could yet be sold to prevent its closing, would be the fourth casino to shut its doors this year in Atlantic City, after the Atlantic Club Casino Hotel (formerly the Atlantic City Hilton and originally . yes, the Golden Nugget), Showboat and Trump Plaza (which isn't, Donald Trump is quick to say, owned by Trump any more).
Before New York's governor signs off on the plan, he might want to look at Revel. It proves that gambling isn't the good bet everyone once thought it was.
The Mirage would become one of the most successful developments on the Las Vegas Strip, kicking off a construction boom in Las Vegas and firmly installing Wynn in the pantheon of casino moguls at a time when anonymous corporations were changing the way Converse All Star 2vlace
inside. There was no future for casinos in Atlantic City, he said.
When Revel, the biggest, most expensive, perhaps most audacious addition to the Atlantic City skyline closes in September, it will be the biggest blow to gaming east of the Mississippi, where state after state has jumped on the casino bandwagon in hopes of winning a chunk of America's unquenchable thirst for gambling for its own economic development.
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