The parent company of Atlantic City’s 1,331-room Showboat Casino, where the popular music venue ‘House of Blues’ is located, reportedly plans to layoff 2,100 employees on Friday, Save Jerseyans, the first step towards closure.
Competition from other nearby casinos and a city-wide steep drop in gaming revenue from out-of-state competition (40% since 2006) are the major factors, though the Showboat did remain profitable which is more than we can say for many other casinos down there.
One of those in-the-red nearby casinos at a less-than-busy end of the legendary A.C. boardwalk is the Revel which is set for auction in August despite substantial financial assistance from the
State of New Jersey taxpayers of New Jersey. Oh, if Nucky could see his Empire now…
Please keep the Showboat employees in your prayers. They’re victims of a bad business model artificially propped-up by politicians 2 hours away on the other side of the state. The only good that can come of this mess is if the existing casinos get their collective act together and voters learn a hard lesson about the inadvisability of corporate welfare.