Firm: New Casinos Could Kill 4 of Atlantic City’s 8 Casinos
Originally appeared in: The Associated Press
By: Wayne Parry
Thursday, June 2, 2016
ATLANTIC CITY, N.J. (AP) — A Wall Street analyst predicts as many as half of Atlantic City’s eight casinos could be forced to close if voters in November approve two new casinos just outside New York City.
A Monmouth University poll released Thursday shows voters evenly divided on whether to authorize construction of two new casinos near New York City. Hours later, Fitch Ratings predicted that one to four Atlantic City casinos could be forced to shut down if new casinos are built in northern New Jersey.
That prediction is similar to one made by Resorts Casino Hotel president Mark Giannantonio at a major gambling conference last month. He said three to five of his city’s casinos could go under if faced with in-state competition.
In its Thursday report, Fitch listed the Trump Taj Mahal, Resorts and the Golden Nugget as the most vulnerable. It also said Bally’s faces an uncertain future.”
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