Time will tell if these two cities will end up like Detroit. However, the fact that they are losing their biggest industries to major competition, much like Detroit did, with depressed housing, casinos bankrupting/closing and businesses fleeing, makes their fate seem eerily similar.
With the closure of the recent Atlantic Club Casino Hotel, rumors of the bankrupt Revel being sold to Hard Rock, more than half of the mortgages in Las Vegas under water, casinos opening up all around the country and online gambling legislation underway in various states, it seems as if the reasons for the very existence of Atlantic City and Las Vegas are in serious jeopardy.
Beginning in the late 1940s, Las Vegas became known as the ‘adult playground of the world.’ Celebrities knew they made the big time when their names graced the billboards of ‘Sin City.’ Gamblers hoping to make money would flock there all year and families looking for a nice getaway would enjoy relaxing by the extravagant swimming pools under the hot desert sun, seeing the various shows and concerts, and whenever possible, sneaking away to the blackjack tables while their kids slept.
It was paradise.
On the other hand, Atlantic City, once a major vacation spot during the roaring 20s and 1930s, as seen on HBOs Boardwalk Empire, collapsed when cheap air fare became the norm and people had no reason to head to the many beach town resorts on the East Coast. Within a few decades, the city, known for being an ‘oasis of sin’ during the prohibition era, fell into serious decline and dilapidation.
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