ATLANTIC CITY, N.J. (AP) – A Wall Street firm predicts a new wave of casino expansion in the northeast will lead to more casino closings in Atlantic City.
Moody’s Investors Service says eight new casinos opening in the next three years will put even more pressure on those already struggling to survive.
The company says it expects additional casinos to close in Atlantic City, where four of 12 went out of business last year due in large part to ever-increasing competition.
Moody’s does not predict how may will go belly-up. But it says the Trump Taj Mahal, Caesars and Bally’s “are already on the brink.” Each is in Chapter 11 bankruptcy.
Elsewhere, the report says new casinos will hurt existing gambling halls in Pennsylvania, Maryland, Rhode Island and New York.
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