Trump Plaza Casino Announces Closing; Atlantic City Market Continues Downward Spiral

In another alarming sign for the casino business in the American Northeast, the Associated Press is reporting that the owners of the Trump Plaza casino in Atlantic City are planning to close on September 16.

This is the fourth Atlantic City casino to face closing this year. Already closed is the Atlantic Club, with the Showboat to follow in August. The Revel is in bankruptcy court. As the AP story notes, "If Trump Plaza closes, Atlantic City could lose a third of its casinos and a quarter of its casino workforce in less than nine months." The story adds, "A source with direct knowledge of the situation who was not authorized to speak to the media told the AP that the company has hired a search firm to solicit buyers for Trump Plaza, an effort that remains ongoing. So far, no buyer has emerged."

As previous reports have noted, the Atlantic City casino business, the city's mainstay industry, has suffered in recent years thanks to the growth of casinos through the Mid-Atlantic region. Now New York State is soliciting bids for a number of new casinos, which will add as many as a dozen new venues to an already oversaturated market.

In the worst-case scenario, which includes the closing of the Revel, more than 5,000 workers will lose their jobs. This worsening economic situation for one of the state's big tax generators will most likely provide additional challenges to Governor Chris Christie as he works to stimulate the state's economy.

For the full Associated Press story, go to the URL listed below.