Sandy’s flood waters may be rolling back out to sea, but the dark clouds over Atlantic City will likely continue casting gloom there for weeks, if not months to come. The Jersey Shore resort’s casinos, which have all been closed since Sunday, are reportedly losing as much as $5 million in revenue for each day they are out of commission. The 14,000-plus service staff members who have been out of work for just as long can’t recoup lost wages or tips, either. And now Wall Street analysts estimate huge losses — some as deep as 10 percent — for the year.
Press of Atlantic City quotes a casino industry union leader who says its highly doubtful that the owners of the city’s twelve gaming halls will reimburse workers who’ve been out of work this week. None have been locked out long enough to qualify for unemployment compensation, either.
Much worse, Sandy’s wrath, paired with continually slipping profits, has Moody’s Investors Service saying the storm and its apocalyptic upheaval up and down the New Jersey coastline will likely lead to ratings cuts for Caesars, Revel, and most of the city’s other casinos. Perhaps the millions that Donald Trump supposedly has earmarked for charity in his Obama documents witch-hunt publicity stunt would be put to better use helping out Atlantic City, since, you know, dude’s got a couple casinos there.
Thousands of Atlantic City casino workers in limbo hurt by lost wages from shutdown [Press of Atlantic City]
Atlantic City Casino Owners Risk Moody’s Downgrades After Sandy [Bloomberg]
Related: Moody’s Deals Revel Another Bummer