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Another Casino files bankruptcy, showing you are not alone if you are experiencing financial difficulties. Yet another casualty of Atlantic City’s once bustling gambling business. Trump Entertainment Resorts Inc. TRMY.PK filed for bankruptcy protection for a third time, the company runs two casinos in Atlantic City.  Atlantic City is the second largest gambling destination in the United States trailing only Las Vegas, but Atlantic City has been reeling as of late. How can a city based on gambling fail? The answer lies in the fact that several neighboring states have opened more than 40 casinos, this has spelled disaster for Atlantic City.  Three of Atlantic City’s 12 casinos have already closed this year, and one of the Trump entertainment properties is expected to close next week. 8,300 casino workers in the city are now unemployed. Casino revenue as well as hotel occupancy in the city have been plunging.  Gambling revenue is half of its 2006 peak of $5.2 billion. It has gotten so bad, Donald Trump filed a lawsuit last month to have his name removed from the two casinos, accusing Trump Entertainment Reports, Inc. of permitting both casinos to fall into an utter state of disrepair.  Is there any hope for the crumbling casino industry in Atlantic City? It does not look good. Showboat and Revel casino have recently closed and Trump Plaza Hotel and Casino was scheduled to be shuttered on September 16th. The casino industry used to  belong exclusively to Atlantic City on the East Coast, but those days are over. Many states have run into economic problems and needed new sources of revenue, many have turned to gambling, once thought of as a sin to many, now it seen as a cure-all  to many states’ revenue shortfalls. Casinos have opened in New York, Pennsylvania, Delaware, and Maryland, all states with gamblers who used to have to go to Atlantic City to gamble, now the trip is no longer necessary. Atlantic City has a history of bust and boom, it now appears Atlantic City has to reinvent itself again, it can no longer rely on gambling to fill its coffers and employ its residents.

 

 

The Butler Law Firm PA serves all individuals living in South Florida and residing in Broward County, Palm Beach County, and Miami-Dade County; moreover we have worked for, counseled, or filed bankruptcy for individuals living in the cities of: Aventura, Boca Raton, Boynton Beach, Coconut Creek, Coral Gables, Coral Springs, Cutler Bay, Dania Beach, Davie, Deerfield Beach, Delray Beach, Doral, Fort Lauderdale, Ft Lauderdale, Greenacres, Hallandale, Hialeah, Hollywood, Jupiter, Lantana, Lauderdale Lakes, Lauderhill, Miami, Miami Beach, Miami Gardens, Miami Lakes, Miramar, North Miami, North Miami Beach, Palm Beach Gardens, Palm Springs, Palmetto Bay, Pembroke Pines, Pinecrest, Plantation, Riviera Beach, Royal Palm Beach, Sunny Isles Beach, Sunrise, and West Palm Beach.

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The Butler Law Firm PA

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