The Showboat Casino in Atlantic City (A.C.) N.J. will be the latest casino to take its last breath on Sunday afternoon, August 31, 2014. The time of death will be recorded as 4 PM, according to Katie Daugherty a spokeswoman for Caesars’s Entertainment, the parent company of the Showboat, who made the official announcement on Wednesday August 27, 2014.
Friends and family will gather around the casinos bedside as it is taken off life support and the plug is pulled, the neon goes dark and the bells and music of the slot machines go eerily quiet.
It’s a sign of the time’s along this boardwalk community and a sign of things to come as two other casinos will close in the coming week, The brand new Revel Casino, which was supposed to change the course and set the way into the city’s future is calling it quits as is the Trump Plaza.
The closings will have a huge impact on the local economy as thousands will lose their jobs and health benefits and it will affect the business that are driven by and service the industry. There are many factors for the decline in this boardwalk mecca, but the biggest factors are an unstable economy and neighboring states getting in on the business and authorizing legal gaming halls of their own. The lure of the beach and boardwalk was not enough to hold onto those out of state customers who saw it as a weekend getaway. The state will also take a hit, as the casinos were a source of funding for various programs, not to mention tax revenues.
What casino executives conveniently seem to not realize is that they are a big factor in their own demise, simply put; they priced themselves right out of the market. A week’s stay in A.C. for a vacation or even a weekend get -away got to be shamefully expensive for people who shop carefully and cautiously when spending their vacation dollars.
Using the travel based internet site “Travelocity”, I compared the cost of two vacations to prove my point. I used the time frame of the week of October 2, 2014, to October 9, 2014, outside of the thirty day booking where prices might be inflated.
A week’s stay at Caesars in A.C. for a hotel room only was $1,230.00, in comparison an all-inclusive stay at the Melia Beach Resort in Nassau, Bahamas was $1,243.00, which included a hotel on the beach, airfare, food and beverages and entertainment.
Atlantic City’s future does not look good at all, these closings represent the beginning of the end, instead of betting on black or red the most popular bet in the city is which casino will be next to fold.