Atlantic City's casino revenue has fallen below $3 billion for the first time in 22 years, as increasing competition in the northeastern U.S. continues to shrink the market.
The Atlantic Club Casino in Atlantic City, formerly the Golden Nugget, will be closing its doors for good on Jan. 13 after a ruling from a federal bankruptcy judge.
Since taking office, Gov. Chris Christie has been trying to revitalize Atlantic City by implementing an ambitious 5-year plan for the resort town in hopes of making it a vacation destination. When the calendar officially flips to 2014, Atlantic City with be in the final year of Christie's plan.
A slowdown brought on by the rapid proliferation of casino gambling in the northeastern United States claimed its first victim in New Jersey on Monday when a federal bankruptcy judge approved the sale and shutdown of Atlantic Club Casino Hotel in Atlantic City.
More than 10 years after a promotion offering $15 in "birthday cash" to patrons resulted in a class-action lawsuit, a casino company is still fighting a multi-million dollar payout it was ordered to make.