Book contents
- Frontmatter
- CONTENTS
- Acknowledgements
- List of Abbreviations
- List of Tables and Figures
- Chronology
- Introduction
- 1 We Are for Gambling: The Pre-Casino Years and Casino Legalization
- 2 Let the Gaming Begin: A New Era for Atlantic City
- 3 A Winning Bet? Success and Struggle in the 1980s
- 4 Recession and Recovery: Turning a Casino Corner
- 5 Casino Magnets: New Immigrants and Atlantic City Opportunity
- 6 Big Visions: Competition, Consolidation and the Great Tunnel-Connector War of the 1990s
- 7 New Stylings: Finance, Retail and Challenges at the Turn of the Century
- 8 Atlantic City and the American Casino Era
- Epilogue
- Notes
- Bibliography
- Index
3 - A Winning Bet? Success and Struggle in the 1980s
- Frontmatter
- CONTENTS
- Acknowledgements
- List of Abbreviations
- List of Tables and Figures
- Chronology
- Introduction
- 1 We Are for Gambling: The Pre-Casino Years and Casino Legalization
- 2 Let the Gaming Begin: A New Era for Atlantic City
- 3 A Winning Bet? Success and Struggle in the 1980s
- 4 Recession and Recovery: Turning a Casino Corner
- 5 Casino Magnets: New Immigrants and Atlantic City Opportunity
- 6 Big Visions: Competition, Consolidation and the Great Tunnel-Connector War of the 1990s
- 7 New Stylings: Finance, Retail and Challenges at the Turn of the Century
- 8 Atlantic City and the American Casino Era
- Epilogue
- Notes
- Bibliography
- Index
Summary
Casino management was still restless in late 1983. Industry executives looked at the regulatory system established by the Commission with disdain. One major problem was the lack of twenty-four-hour gaming, a limitation originally put in place to allow some downtime for the industry, but now just viewed as an obstacle to success. While the industry had certainly done quite well in its first five years without twenty-four-hour gambling, now it was seen as one way in which the state continued to inhibit an even more successful casino business. A new industry journal editorialized that ‘the city and the industry can probably develop more completely into the resort and convention centre which everyone wants, with twenty-four-hour gambling’. The vision of an Atlantic City that existed as a tourist destination beyond gambling reflected the persistence of the original motivation behind casino legalization: to restore Atlantic City as a resort town. But the reality was different. By 1983, it had become a casino town, a lucrative business community, albeit with many challenges and problems, from political corruption to a tightening business climate. It had not become a destination resort.
Persuading people to remain in town for a few days was not so important, however, as long as the casinos were making money. Making money was the salient characteristic of the casino industry, despite a slowdown that occurred after the ninth casino opened in 1982. The gambling market was still in expansion mode between 1983 and 1987, with two more casinos (Trump Plaza and Trump Castle) coming online. The industry still increased its collective gaming ‘win’ proceeds from $1.8 billion in 1983 to $2.5 billion in 1987. Total revenue also increased in these years, from $2.2 billion in 1983 to $3.1 billion in 1987. In terms of growth, the casino industry's second five years in Atlantic City (1984–9) were more restrained, though also steady. As a whole, the casino industry's revenue growth rate averaged 11.4 per cent between 1983 and 1987, compared to 87 per cent percent between 1979 and 1982.
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- Gambling on the American DreamAtlantic City and the Casino Era, pp. 59 - 94Publisher: Pickering & ChattoFirst published in: 2014