Atlantic City Facing Unprecedented Economic Collapse

So much for gambling as a economic benefit. Gambling is always bad.

WebInvestigator.KK.org

Screen shot 2014-08-31 at 11.27.20 PMby Harold Brubaker

The Atlantic City region is on the brink of a short-term economic disaster.

Atlantic City made history 36 years ago when it opened the first legal casinos in the United States outside Las Vegas.

Now it’s doing so again as casino employment – which for years exceeded the number of city residents – drops precipitously after a decade of steady decline.

The closing of three casinos, starting with Showboat and Revel this weekend followed by Trump Plaza two weeks later, and the rapid-fire loss of 5,700jobs, draw historic comparisons to longer-term collapses of U.S. industries such as steel.

“This is a massive economic body blow to Atlantic City on par with the hit to the national economy during the Great Recession,” said Mark Zandi, chief economist at Moody’s Analytics in West Chester.

Beyond the thousands of job losses, which will spread into related industries…

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