Atlantic City Casinos Now Blaming The Stimulus Package

Atlantic City casinos have a plethora of excuses for why their revenue has decreased steadily in recent years. They have blamed the economy, a smoking ban, and now US Representative Frank LoBiondo is suggesting that the stimulus package is to blame.

LoBiondo claims that not being able to use any of the stimulus money for casinos is further hurting an industry that is already in obvious decline. He will try to have the ban on casinos receiving stimulus money changed.

It is not the casinos receiving the money directly that is hurting the industry. The casinos hold conferences and other events for outside companies. Those companies would not receive stimulus money if they continue to hold these events in casinos, so they are switching their venues.

The loss of these conventions hurts the overall revenue figures. It is another blow to an industry that has taken a sharp turn for the worst in the past year and a half. It has become so bad in Atlantic City, that several companies have halted plans to build new casino resorts.

Many of the existing casinos had renovation plans that have also been scrapped. The city is just not generating enough customers, regardless of what the reasons may be.

Atlantic City is not alone. Las Vegas, widely considered the casino gambling capital of the world, is experiencing the same type of revenue problems as Atlantic City.

March 28, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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