The next Detroit? Atlantic City and Las Vegas facing catastrophic collapse
MYFOXNY.COM
Dec 22, 2013
With the closure of the recent Atlantic Club Casino Hotel, rumors of the bankrupt Revel being sold to Hard Rock, more than half of the mortgages in Las Vegas under water, casinos opening up all around the country and online gambling legislation underway in various states, it seems as if the reasons for the very existence of Atlantic City and Las Vegas are in serious jeopardy.
Beginning in the late 1940s, Las Vegas became known as the ‘adult playground of the world.’ Celebrities knew they made the big time when their names graced the billboards of ‘Sin City.’ Gamblers hoping to make money would flock there all year and families looking for a nice getaway would enjoy relaxing by the extravagant swimming pools under the hot desert sun, seeing the various shows and concerts, and whenever possible, sneaking away to the blackjack tables while their kids slept.
It was paradise.
On the other hand, Atlantic City, once a major vacation spot during the roaring 20s and 1930s, as seen on HBOs Boardwalk Empire, collapsed when cheap air fare became the norm and people had no reason to head to the many beach town resorts on the East Coast. Within a few decades, the city, known for being an ‘oasis of sin’ during the prohibition era, fell into serious decline and dilapidation.
New Jersey officials felt the only way to bring Atlantic City back from the brink of disaster would be to legalize gambling. Atlantic City’s first casino, Resorts, first opened its doors in 1978. People stood shoulder to shoulder, packed into the hotel as gambling officially made its way to the East Coast. Folks in the East Coast didn’t have to make a special trip all the way to Vegas in order to enjoy some craps, slots, roulette and more.
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