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“I guarantee you Resorts will be here in 40 years,” Giannantonio said.But the coming expansion of the contracted industry has some predicting fresh casino obituaries.In March, Hard Rock and Stockton developer Joe Jingoli even wrote a ,000 check to keep a homeless day center afloat.“I think there was an opportunity for a whole lot of us to be homeowners and buy cars and send our kids to colleges,” says Ernest Coursey, an Atlantic County freeholder and former city councilman. We don’t think we got our fair share of what they promised us.” James Kennedy, a former CRDA executive director, says the region is starting to recover jobs, but notes that many of those are low-wage.“They were to make major investments in money, turn over millions and millions of dollars to the government, and run an honest operation.That’s what they did.” City and state government misdirected casino taxes, neglected basic improvements to Atlantic City, and failed to diversify the city’s economy until it nearly collapsed under the weight of a casino market that had spread well beyond New Jersey and then shrank.
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“said Mark Giannantonio, who remembers standing outside in line as a wide-eyed 14-year-old Atlantic City kid, one who just happened to grow up to be president and CEO of the place. Atlantic City’s first casino, Resorts Casino Hotel, stands in the shadow of the two newest casinos, Hard Rock Casino, formerly Trump Taj Mahal, and Ocean Resort Casino, formerly Revel. Resorts will celebrate its 40th anniversary on Memorial Day.
“It was unbelievable.” In a city where buildings and casinos can have short life spans, Resorts managed to buck the odds to be able to celebrate that 40th anniversary this weekend — in a Boardwalk building that dates back to before Prohibition. An anniversary, like previous ones, bogged down by nagging questions, unfulfilled promises, and betrayed residents, by government mismanagement and casino indifference, the old tale of two cities: a billion-dollar industry perched at the literal edge of a city with a poverty rate of more than 30 percent, and a county with the highest foreclosure rate in the nation. Still, the stylish and friendly Resorts endured, even from its precarious perch on the northern half of the Boardwalk down from three casinos, the Revel, Showboat, and the Trump Taj Mahal, that were among the five to close since 2014, as the casino town’s industry shrank from 2006’s gaming-revenue high of .2 billion to 2017’s .6 billion. Nearby is “The Beach at South Inlet,” a new millennial-targeted apartment complex with a pool and amenities, nearly completed, the first new private rental housing in Atlantic City in decades.
Most recent preoccupations: the epic drama of Atlantic City, the aftermath of Hurricane Sandy, local beach culture, shoobies, the fragile psyche of the Philadelphia sports fan, and Miss America.
But it seemed everyone else was there, or now claims to have been, when Gorme’s husband, Steve Lawrence, presided over the first roll of the dice on May 26, 1978, at Resorts Hotel and Casino, ushering in a rocky four decades of legalized gambling in Atlantic City.
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Caesars, parent company of Caesars, Bally’s, and Harrah’s casinos in Atlantic City, told shareholders to expect a $40 million decrease in cash flow this year.