For years, Atlantic city has been a direct competitor with Las Vegas. After experiencing a gold period thanks to its casinos, Atlantic City subsequently became the capital of luxury and gambling.
Although, a substantial difference between Atlantic City and Las Vegas has always existed: The city of New Jersey never succeeded in emerging, thus overshadowed by the fame of Nevada. It’s economy, although thriving at certain stages, it never experienced serious lows, but the moment it began to develop new capital it quickly had a repercussion.
At present the situation in Atlantic City is rather complicated, a number of casinos have already been closed, and the well-known Trump Plaza could have a similar ending at any point. The initial alarming problems began in 2012, when hurricane Sandy left a trail of destruction behind. This lead to costly reconstruction fees to bring Atlantic City back to its splendor.
Over eight years, from 2006 to today the turnover of the city has almost halved, passing from 5 billion to just under 2.8 billion. The threat of a plunge in real estate weighs on the city. It would seem that the real estate boom of the 70’s has become nothing more than a distant memory for Atlantic City.
If Atlantic City doesn’t succeed in getting out of this as soon as possible, increasing the turnover and consequently its financial assets, it will find itself at the horizon of a new Detroit, far from the positive tendencies of high-end properties in the United States.