This is an interesting article, East Coast States Are Going All-In On Casinos. Some Smell A Bad Beat Coming, on how casinos are being built at such a rapid rate up and down the East Coast. The article highlights how it’s likely many could see financial strain as more casinos are built and thus the available pool of gamblers is further diluted.
The article has a short look at the well-documented hit Atlantic City took.
“Atlantic City has probably seen the biggest downturn as a result of all of this [growth] than any other locality,” Peterson said.
“It’s a longer drive and you don’t need to drive there to get the same experience that you can get half an hour away.”
Guardian, who served as mayor from 2014 to 2017, thinks Atlantic City’s decline was entirely avoidable had the city done a better job to diversify its economic base beyond casinos. Comparing it to Dubai not relying on oil, Guardian said the city needed to find ways to reinvent itself to make its appeal to travelers sustainable.
“It’s a lesson to not put all your eggs in one basket,” Guardian said. “As gaming suffered, Atlantic City suffered as well and wasn’t prepared for the rainy day.”
The building of casinos up and down the East Coast is going to continue to change communities and which places are the best for real estate investment. Though it took a hit, there are many positive signs Atlantic City could be a great place for real estate investing.