Atlantic City casino shutdown needed, analysts say

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Associated Press

Posted on June 29, 2014 at 9:00 AM

Updated Sunday, Jun 29 at 9:02 AM

ATLANTIC CITY, N.J. (AP) — Atlantic City started the year with 12 casinos. It could be down to nine by Labor Day.

Economists and analysts have talked for years in theoretical terms about "casino saturation" in the northeastern United States. But there's nothing theoretical about what's happening in Atlantic City now.

The Atlantic Club is dead, taken down by two rivals. Revel says it will close if a buyer can't be found. And Caesars Entertainment plans to shutter one of its four casinos, the Showboat, on Aug. 31.

Mayor Don Guardian could see a quarter of his city's casinos close during his first year in office. He says his city is in the midst of a difficult but necessary makeover from a gambling resort to a multi-faceted destination where betting is only part of the allure.

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