The first of the new casinos, MGM National Harbor, is scheduled to open in Maryland, near Washington, D.C., in the fall of 2016. Moody's said that eight casinos are to open in New York, Massachusetts, Pennsylvania and Maryland by the end of 2018. The Atlantic City gambling industry faces increased competition from casinos opening up in the region.
Related: Trump to Atlantic City casinos: 'You're fired!' The casinos that have already closed down include Trump Plaza, Showboat and Revel, a slick-looking gambling house of gleaming glass that targeted high-end gamblers but didn't last two years. 'But we expect increased competition will keep the heat on incumbents, and that number of casinos in Atlantic City will likely continue to shrink.' 'As the number of casinos shrink, some of the remaining casinos have seen revenues increase,' said Moody's. Moody's said that gaming revenue dropped 8% last year and three of the remaining casinos are 'already on the brink,' with the Trump Taj Mahal, Caesar's and Bally's having filed for Chapter 11 bankruptcy protection.
