Economic Pressures Influencing Atlantic Development

These days, Atlantic City is known as a gambling town

. That wouldn't be the case, though, if an economic decline hadn't prompted officials to legalize gambling in the city several years ago. Unfortunately, that move, which was designed to bring more money into the city and state, hasn't done its job as well as officials had hoped.

Jobs Versus Wages:

One of the problems with the casinos is that they don't pay their employees well, for the most part. Casinos may contribute 70 percent to the tax levy, but their employees don't spend much in the city and support the economy much because they simply haven't earned enough money to spend.

The New Jersey Casino Control Act And The Lack Of Development:

The New Jersey Casino Control Act was put into effect to help designate funds earned by the state from the casinos. In it, there is a provision that two percent of casino revenue must go to development and improvements within the limits of Atlantic City. Unfortunately, although that was meant to stimulate economic growth, it hasn't really been enough.

The Mortgage And Economic Crisis:

Despite the construction of casinos in Atlantic City revenues aren't improving, especially in recent years. A big reason for that is the mortgage crisis and the over all economic state of the country as a whole. The bottom line is that people don't have as much money to spend, so the economy isn't growing. That means a major drop in tourism and in the Atlantic City job market.

New York Casino Problems:

Atlantic City is also experiencing New York casino problems. New York has authorized the opening of six casinos. They've even installed casino slot machines at their eight racetracks. So, people who live in or near New York can now gamble there. They have no reason to spend more time and money to go to Atlantic City to gamble.

The officials in New York seem to understand that money must be spent in order to be made. They hope that their casinos will stimulate the economy, but they know that they also have to help the casinos on their way, too. In New Jersey, however, they didn't quite plan properly and budget enough money towards getting their casinos and their economy going.

The Future Of Atlantic City:

Atlantic City has a reputation for beating even the worst of the odds. It recovered from one economic downturn and it could recover from another, but not without a lot of help. Right now, jobs are being lost and revenue is lower than it needs to be in the city, but that doesn't mean that things can't change in the future.

If Atlantic City is to survive, it needs support from both officials and the average person on the street. So, if you love Atlantic City, be sure to visit it and do your part to contribute to the city's economy. That way, it will be around for your children and their children to love, too.

by: alvin

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