Atlantic City Mayor believes Another Casino will close in 2015
Last year was the worst in Atlantic City’s 35 years as a major gambling destination. However, the city’s mayor, Don Guardian, optimistically believes that 2015 will be a “year of healing.” On the downside, Atlantic City’s first Republican mayor in 23 years predicts that another casino will close in 2015.
Guardian entered office at the beginning of last year, vowing to give the city a “root canal” – his phrase for the necessary, but painful rebuilding effort in Atlantic City. Unfortunately, there was a little too much pain in 2014, as four casinos closed including the Atlantic Club, Revel, Showboat and Trump Plaza. A fifth casino, the Trump Taj Mahal, almost closed, but it was saved when billionaire Carl Icahn offered up a $20 million investment.
Even with the loan, the Trump Taj Mahal and possibly other casinos are still in trouble in the struggling town. That said, thousands of other jobs are on the line too. Still, Guardian sees some positive changes coming for Atlantic City.
As NJ.com reports, the mayor cites a new Bass Pro Shops outlet store, a closed casino being changed into a college campus, upgrades at the Pier Shops at Caesars, and a new convention center at Harrah’s as being really helpful.
Another thing listed in the NJ.com report is speculation on which casino Guardian thinks will close. Based on the description provided by the mayor, the mystery casino could be Bally’s. This thought is further backed up by a Caesars statement in October that said, “We need to make more money there.” Caesars is a company in trouble and they already shut down Showboat on August 31st.
Regarding the city itself, Guardian believes big cuts are needed in the operating budget. Some firefighters and police officers are expected to be among layoff casualties, and an entire city government department could also be eliminated. Drastic changes will be necessary in order to cut $40 million from the city’s budget over the next four years.