Atlantic City Casino Closure Cost $20 Million a Day

ATLANTIC CITY – As reported by the Guardian Limited: "Casino owners in Atlantic City are counting the cost of a two-day shutdown caused by New Jersey governor Jon Corzine's gamble to fix
Atlantic City Casinos  a $4.5bn hole in the state's budget.

"The city's 12 gaming halls closed when 45,000 state employees, including casino inspectors, were sent home as politicians resisted Mr Corzine's plan to increase sales tax. It was the first time since gambling was legalized in New Jersey 28 years ago that the popular casinos had gone dark.

"State legislators reached a deal last night to end the impasse, finally setting a budget and paving the way for the casinos to reopen today. But industry analysts said the shutdown probably cost owners, among them billionaire Donald Trump, up to $40m.

"Meanwhile, hotels and restaurants in America's east coast gambling centre reported significant falls in business as the 200,000 visitors who would have filled the card tables and slot machines over the two days looked elsewhere for entertainment. Stretches of the city's five-mile seafront boardwalk that would normally be packed in mid-summer were all but deserted yesterday, and beaches, parks and even the state lottery remained closed.

"'It's a very sad day for Atlantic City,' said Mr Trump, whose three hotel-casinos in the city have suffered hundreds of room cancellations and the temporary lay-off of 2,500 workers. 'Las Vegas sits back and laughs. The kind of money, jobs and goodwill that will be lost on this is sad.'

"Shares in companies that own and operate casinos in Atlantic City, second in size only to Las Vegas as a gambling destination, fell between 1% and 4% on the New York Stock Exchange.