The days when Atlantic City, the second most popular gambling destination of the United States, used to be nothing but a dump are still in people’s memories. And it seems that it is headed back to a similar fate. As it was reported in the Newark Star Ledger this week that in a mere four year period the city has lost almost 25% of its market share. Also in the report were figures saying that the annual profit for 2010 had dropped to $3.6 billion from the $5.2 billion in 2006, nearly a 31% drop.
The state assembly passed certain legislations on Monday night which imposes lesser regulations and a tourist district run by the state. Internet gambling has also been covered as a part of the legislative package, although the online gambling servers will be set up outside Atlantic City itself. It has also been touted that the city will join Las Vegas in providing sports book services through which gamblers will be able to wager on events such as the Super Bowl.
Every casino had registered a drop in the profits with some having been hit more than the others; deficits at Tropicana for example were 4.2% whereas Resorts suffered a 19% decrease in profits. However, New Jersey Governor Chris Christie is not seen as an outright supporter of the bill. But looking at the fact that he was the forerunner in attempts to rejuvenate Atlantic City, it is believed that he will sign the bill. He has 45 days in which he can sign the law or veto it and should he choose to sign it, New Jersey will become the first US state to allow and license gambling on the internet.