Friday, March 28, 2014

Decline of Atlantic City Casinos Squeezes City

The Bond Buyer reports:
Casino gambling was supposed to save Atlantic City.

But with casinos sprouting throughout the northeast, to attract visitors the city is looking to its past for ideas, such as conventions and the lure of the seashore.

In the near-term however, the city's finances, closely linked to the fortunes of its casinos, look grim.

"There's a lot more competition for Atlantic City and it's not abating," said Howard Cure, director of municipal research at Evercore.