I am glad that I no longer live on the East Coast. That place is sinking into an economic wasteland. High taxes and no jobs. From the Press of Atlantic City:
Trump Plaza owners confirm plan to close in September
One in four people employed by Atlantic City’s faltering casino industry could lose their jobs by this fall as the owners of Trump Plaza Hotel and Casino confirmed Saturday that it could join three other properties in closing if a buyer is not found.
Experts say the impact of losing an estimated 7,800 jobs since the January closing of the Atlantic Club Casino Hotel would ripple across the region and hurt the resort’s marketing efforts in an already stagnant economy.
A bit more:
The casino, which opened in 1984 under the tutelage of its namesake, Donald Trump, joins Revel Casino-Hotel and Showboat Casino Hotel in announcing closings at the end of the summer tourist season. The latter two properties employ about 3,100 and 2,100 people, respectively. Atlantic Club’s closing, meanwhile, left about 1,600 without work.
“It’s a disaster,” said state Sen. Jim Whelan, D-Atlantic, who first reported Trump Plaza’s rumored closing Friday. “This is going to impact all sectors of the economy, from big stores to real estate values and on and on.”
Labor officials have called upon state officials to do something to head off the “pending catastrophe” as the workers they represent reeled from the latest blow to their livelihoods.
I can see a couple of reasons for the decline. New Jersey is a heavy Democrat state (Gov. Christie notwithstanding) and the involvement of the Labor Unions drives up the cost of employment making it more expensive to do business.
Too many casinos, not enough citizens with loose pocket change.
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