Jersey Grey

Jersey Grey

The Economic recession and its impact on Atlantic City Hotels Market

Evidently, due to the change in Atlantic City's from a health resort to a gambling resort, money was delivered to the New Jersey state economy thanks to investments in Casino and city development. The money came in form of taxes. The surge in the monetary income did not bring the hoped push for Atlantic City as was expected. The reasons for the current state are reviewed here.

 

In theory instating Atlantic City as a gambling resort was to push the city thanks to the increase in money coming from taxes. The casino and hotel industry contribute about 70% of the cities tax revenues. Though the industry employed approximately 40,000 people their income is considered to be in the low to mid range.  Even the catering related jobs that were increased in the city, to provide its guests, are found in the mid-range income scale. In spite all that Atlantic City still manages to create tax revenues parallel to those of Las Vegas and yet the city's economy is still not significantly improved – Why?

 

The political dispute between the state of New Jersey, Atlantic County and Atlantic City in combination with the world economy fiasco have significantly contributed to Atlantic City's current state. Much of the money reaching the New Jersey state as taxes that were suppose to be reallocated for infrastructure improvement in Atlantic City did not arrive. It was mistakenly judged by the state of New Jersey that the urban development performed by the casino and hotel industry will suffice to promote the community growth. The assumption was that the hotel and casino industry would be enough for the acceleration in home building and infrastructure, proved to be wrong. That in combination with the world's crisis related to real estate and mortgages has definitely contributed to the hard impact of the recession in Atlantic City.

 

In comparison, the state of New York invested money and effort to lore talents and jobs into their economy. Since the state is always in a financial deficit it approved the opening of 6 tribal casinos at the eight racetracks. The aim was to promote new jobs and create a new source of income that would help cover the deficit cased by the war against terror as well as the world recession. A successful initiative such as New York's state is an example to the benefits the casinos can have, when planned properly.

About the Author

Currently the hotels industry in Atlantic City was also impacted by the recession leading to lay-offs in both hotels and casino employment. It now remains to discover if Atlantic City will over come this road bump and succeeds in spite the global slowdown or will things go for the worse. Time will tell.

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