Gomes Gaming Buys Resorts Atlantic City
Tuesday, August 24th, 2010It’s no secret that Atlantic City has been suffering in revenue in the past few years. Since the recession, Atlantic City has lost its footing as a gambling hotspot in the nation. Now, it is looking for ways to quickly and effectively revive its economy. One recent occurrence was recently when Resorts Atlantic City was sold to Gomes Gaming company. The change of ownership is a sign of Atlantic City wanting to take just-short of drastic moves to change its revenue stream. Gomes is owned by Dennis Gomes and he is a former executive within the company. His expertise is gambling and building casinos. It is hoped that he will be instrumental in changing things for the casino, and in turn, for the state’s gambling situation. There are billions of tax revenue dollars at stake and a turnaround would be warmly welcomed in the market to help with revival.
Regardless of who looks at the situation though, all experts agree that Gomes will have a heavy task in front of him. Atlantic City has long been suffering and turning it around isn’t an easy task. The city is in hefty deficits right now and with no other industries to rely on, gambling is the only hope for revival. Resorts Atlantic City of course was the first casino to open in Atlantic City and has become the second biggest gambling entity in the US. Once the recession happened though, it left the casino Mecca in shambles. Add to the recession the issue of neighboring competition, and Atlantic City is set for a difficult next few years of recovery. In particular, the competition is what is also hampering it. Almost every state bordering New Jersey is looking to either bring in gambling, or to seriously expand the gambling it already has going. That means that the pool of potential customers for Atlantic City will be divided even more. Things aren’t looking good for the gambling center, but hopefully with some help from Gomes, it will be able to turn things around and return to its old state of grace. If not, we could see Atlantic City fade away due to extreme competition in the market.

