Total Wipeout In Atlantic City

In case you had any doubt that the attempt by Atlantic City to revive itself as a gambling destination had completely flopped, check out the series of casino closures that are all happening right now.

This is from Capital NY's Capital Real Estate newsletter:

Atlantic City as we know it is dead: Showboat closed Sunday. Revel, the city's newest and most expensive resort, pushed hotel guests out the door on Monday and closed its casino floor early this morning. Trump Plaza is to fold in two weeks. And just like that, Atlantic City's glory days are officially over. Never again will the city be the gaming mecca it once was.

Atlantic City's economy is already ailing, and just the closure of Showboat and Revel will cost the city 5,000 jobs, according to the AP.

The closures are simple to explain: Total gambling revenues were over $5 billion in 2006. Today they're about $2.6 billion.