Atlantic City shows gambling isn’t recession-proof
In the 20 years he’s worked on the Atlantic City boardwalk, Joe Lochs has never seen business this bad.
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Interesting gambling facts:
- 1973: The MGM Grand opens on the Strip, becoming the world's largest hotel.
1989: One of Vegas's most extravag-ant hotels opens. Steve Wynn's Mirage resort features a man-made volcano and over 3,000 rooms. Siegfried and Roy sign a $57 million, five-year contract to provide entertainment at the hotel. - In 1978, New Jersey became the second state to legalize casino gambling in an attempt to revitalize the rundown resort area of Atlantic City. The legalization was restricted only to Atlantic City.
- One of the oldest casinos in Europe, at Baden Baden in Germany, was opened in 1748 by Edouard Benazet, who employed Parisian craftsmen to design the stylish rooms.
- Gambling is Often Legalized to Promote Economic Development of Depressed Areas. That was an important motivation in Las Vegas, Atlantic City, New Jersey, and many of the other locales for casinos.
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