Thing don’t seem to be getting any better for Atlantic City, New Jersey.
With about half a dozen casino (and we’re talking big, swanky casinos here not something you might get at the airport or shopping center) closures in 2014, most notably the development that was the erstwhile flagship of the city’s rejuvenation only 2 years ago, the Revel Casino, a new one looks set to join the gallery of failed enterprises.
And this is no mere clip joint either — we’re talking about the Trump Taj Mahal, currently the 2nd largest casino in Atlantic City.
This is yet another body blow to Atlantic City; another showcase Trump casino in the gaming resort town, the Trump Plaza, is already scheduled to close its doors later in September.
According to reports in the New York Post, Trump Entertainment Resorts have fallen foul of loan covenants regarding the Trump Taj Mahal which, if left unsolved (one possibility would be converting the casino’s debt into equity … hmmm…), could lead towards Chapter 11 Bankruptcy proceedings.
How did yet another major landmark casino, not least one with such a pedigree — the Taj Mahal has been in business 24 years, fall?
Taj Mahal had reported poor revenue figures for the first half of 2014, with a 15.1% y-o-y drop (and perhaps 2013’s figures themselves were nothing to shout about).
Competition must have played a factor and the Taj had been feeling the heat from the Borgata casino since its opening in 2003; it may be that Atlantic City just isn’t big enough anymore to host multiple examples of these vast complexes (both the Borgata and the Taj Mahal boast over 2,000 hotel rooms).
The gradual and tentative reemergence of online gaming in the States  will probably have its effect on the traditional gaming outlets as well — gaming is well-known for being ‘recession proof’ but that’s only partly true of the bricks-and-mortar sector, particularly when the online version offers increasingly engaging ways to gamble.
In the background you could also add possible political maneuverings — gambling is of course legal in New Jersey but it is very much centered on Atlantic City; perhaps the powers that be are aiming to decentralize things somewhat and spread the love throughout the state.
Furthermore, although it is the ‘Trump’ Taj Mahal and Plaza, old Donald Trump has dissociated himself from the enterprise, resigning from its board of directors in 2009 and recently sueing  his enfant terrible in an effort to get his good name removed from the casino branding.
The impending closure(s) may render legal remedies no longer necessary — in any case as the man himself would say, ‘you’re fired’.