A Wall Street firm has come out with the prediction that a new surge of casino growth in the North Western part of United State should inevitably bring about more casino closures in Atlantic City.
Moody’s Investor Services expressed in a report on Monday that it waits for eight new casinos worth $5 billion in total. However, it is going to open in the province within the next three years. However, it is going to stress further on the businesses in Atlantic City. In this part of US, four out of twelve gambling halls has gone insolvent in 2014. The closings happened in extensive part due to mounting competition in the region. However, there is not any prediction on Moody’s part that how many of them would go belly-up. But it added further that Trump Taj Mahal along with Caesars & Bally’s are at present on the threshold. Each of them is under Chapter 11 bankruptcy. Moody’s also wrote with significance that few numbers of betting destinations shrivels at a time when fewer enduring casinos have witnessed a distinct increase in the revenues. However, it is the expectation that improved contest would keep the pressure on the current conditions and a sizeable numbers of casinos in Atlantic City will probably be continuing to reduce in size. Even the expectations can never be ruled out as more closure of betting places in the Atlantic City may happen and they might face further struggle in the long run.
The Taj Mahal is shifting from the very company which once upon a time possessed by the Republican presidential aspirant Donald Trump to billionaire financier Carl Icahn. Trump Entertainment Resorts, its present owner is keenly finding for an appeals court verdict on whether or not it would have to reinstate health insurance & pension benefits that have ended for employees in October 2014. Icahn has added that if the verdict is going against the company, he will cease from financing Taj Mahal which comes to a close then.
Caesars are Bally’s are nothing but an integral part of Caesars Entertainment, which is also included in Chapter 11 bankruptcy in addition.
In Maryland & some other provinces of United States, no less than 18 new betting places are about to open at the end of 2018. Apart from Atlantic City Casinos, the report added, the businesses should harm continuing betting halls in different areas of Maryland, New York, Pennsylvania and Rhode Island.
It has also been notified by the report that MGM National Harbor casino has been first of the eight definite schemes that started to be up & functional. By the fall of 2016, possibility is there of its being located some 10 miles south of Washington. The casino namely Twin River casino in Rhode Island could experience a noticeable fall in its revenue.
