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Saturday, March 14, 2009

BEACH BANTER: THE BIG DECLINE IS HAPPENING!!

THE DROP has DROPPED!!

The BIG news this week locally was all about the enormous drop in Casino revenue in Feb. As of today, the Casinos are almost 30% off their collective 2007 numbers!  All four of the proposed "new" casino projects have either been cancelled or delayed and many of the existing Casinos are in real finiancial trouble, with a few either being foreclosed on or taking a Chpt. 11 bankruptcy.  With proposed Casinos being planned for the Delaware River area in Philly and the Catskills Casinos getting ready to open up soon, it all adds up to an increasingly more seasonal market for AC and environs. 

Thousands lose their Casino jobs

Thousands of people have lost their full-time jobs in these establishments and thousands more have seen their hrs. reduced.  The bottom line for AC and the surrounding area is a "depression" level decline. The speed in which all this is happening has still not sunk in, locally. I suspect we will be seeing many people leaving this area to look for work elsewhere in the coming yrs. Contrary to the feel good nonsense of the local paid for cheerleaders , things suck for the average working person and small businessmen locally and I for one doubt we'll be seeing any real improvement any time soon.  

4 comments:

Anonymous said...

The casinos fire thousands but they don't lower the pay or benefits of the top guys a dime. They're all about greed and that's half the problem in AC and the rest of the country these days.

Anonymous said...

You sound like a Socialist. Go to Sweden if You don't like our country.

Anonymous said...

Of course I feel sorry for the workers. To whom the casinos took advantage of for some 20 years now. Since they figured out how to makeemployees part time so they don’t have to give them benefits. Since they figured out they can fire the ones who rose to the top and got a higher wage and more paid leave. I feel sorry for all the restaurants and businesses that were squeezed out by the casinos. I feel sorry for all the businesses that didn’t get paid for people like Trump filed yet another chapter 11. I feel sorry for that is the bill of goods that were sold to the people in AC that Casinos would provide jobs. When really they fattened the corporations. But it is not just the casinos it is the US and world economy. The land of opportunity is pretty dried up. A new one will have to be born.
The casinos don’t really care for the buildings and employees in AC. They are just tools they use to suck money from unsuspecting gamblers. Trump, Harris and the rest of the Casino companies will build casinos wherever they can make a buck. Be it in Phila, Bumbfu** USA they hey don’t care where they build. They will write off their losses AC properties that go bust, balance the books cook them up and move on
AC was a toilet in the 70’s it’s becoming one again. Who knows maybe one day it will rise out of the ashes yet again.
But the casino industry is done in AC. Stick a fork in it. It’s over. It is just masked by the depression right now.
It ain’t coming back, the casino businessmen have moved on. They are pretty much done in AC

GlennK said...

"But the casino industry is done in AC. Stick a fork in it. It’s over. It is just masked by the depression right now." Excellent analysis! I couldn't agree more. The casino operators here are modern day carpetbaggers. They care nothing for the area or it's people. Many of the top managers are nothing more then BIG Corp. nomads moving from one locale to another following their career. Rootless, wanders.