In 2014, Atlantic City’s dozen casinos “accounted for 56 percent of the assessed value of its tax base,” reported a local Atlantic City news source. Some estimates say roughly 7,000 people, or 25 percent of Atlantic City’s casino workforce, may lose their job in the next couple months.Ītlantic City is primarily built around taxes from casinos. Unemployment, currently at 10 percent, is expected to worsen by year’s end. Standard & Poor’s recently downgraded the city’s bond rating due to the closings, a move that will cause investors to shy away from the city. Four casinos have closed their doors this year already, with another one possible this November. Today, the actual image on the Boardwalk hardly lines up with the property portrayed on the famous Monopoly board. People drove hundreds of miles to join the gambling scene. The city became the Las Vegas of the East. Hotels and casinos opened up along the famous Boardwalk. Thus, gambling was legalized.Ītlantic City experienced a boom. City officials needed something to bring back the city’s spark. The city experienced its cycle of ups and downs, but by the late ’70s the economy was rough. A city of roughly 40,000 people situated on a small island just off New Jersey’s southeastern coast, Atlantic City can hardly be defined as “industrial.” It was originally established as a resort town at the start of the 20th century.
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