After sacrificing wages and benefits to preserve the health of the casino industry in Atlantic City over the past decade, the industry is choosing to export profits out of town rather than share with the people who stuck with the industry during hard times.
Full Report: AC Casinos Rebound While Workers Struggle
- Atlantic City Crisis Threatens Casino Industry Recovery
- Casino Industry Recovery: Increased Operating Profit for Casino Industry
- Decreased Debt Levels and Interest Payments
- Workers Made Concessions to Shore Up Casino Industry
Over the last several months, there have been many discussions about the government of the City of Atlantic City, its finances and its future. It remains true that the casino gaming industry is the economic engine of the City and South Jersey as a whole. Almost 10,000 Local 54 members work in Atlantic City’s casino industry. These South Jersey residents continue to struggle under the weight of collective bargaining agreement concessions negotiated to help the casinos weather the economic storm of the past years—a storm that left the industry teetering on the brink.
Those concessions played a large part in helping the remaining casinos regain their financial footing and begin the climb to prosperity. The result is Atlantic City’s current paradox: the City itself is in crisis, yet the casino industry just had its best year since 2009. This report shows how the casinos themselves are doing better than they have in years, as economic stability has returned the casinos to profitability.
Lost in the current discussion is the opportunity for those 10,000 South Jersey residents to begin to claw back what was lost to them over the past few years, and the positive effect that economic boost would have on the economy of the region as a whole.
Download the full PDF report: AC Casinos Rebound While Workers Struggle