The Economic Impact of Atlantic City Closing Casinos - Annotated Bibliography Example

Altman, A. . Postcard: Atlantic  Time, 176(12 This particular article has been included within the research due to the fact that it helps to identify the way in which Atlantic City used to be; prior to the hardships that it has experienced over the past several years. Although partially resilient after the debacle of 2007/2008, Atlantic City has experienced subsequent hardships that had made it all but impossible for existing casinos within the region to thrive and survive. Essentially, this particular piece is useful from a historical context; due to the fact that it can at what some of the major challenges facing Atlantic City are in the way in which market shifts in the future could directly impact upon the overall success that could be achieved by the firms seeking to operate within this particular region. BAGLI, C. V. (2014, July 15). Atlantic City Strives to Rise As Casinos Fall. (Cover story). New York Times. pp. A1-A20. This article was included in the researcher due to the fact that it helps to exemplify the way in which the entire economy of Atlantic City, and by extension, the entire economy of the state of New Jersey, is at least partially dependent upon the revenues she from casinos and gambling. As this particular industry has begun to falter, the impact upon other sectors of the economy has been commensurately felt. Furthermore, rather than providing justification for the underlying reasons for why the Atlantic City gambling scene has experienced such a loss of the past several years, the authors instead seek to focus the majority of their attention upon the way in which a new economic base could be achieved for Atlantic City; and whether or not such a shift would be able to be accomplished in a relatively brief period of time. Moreover, the authors focus upon seeking to engage the overall economic impact that has been felt within Atlantic City has a direct result of the loss of revenue. BOWDEN, M. (2012). How Atlantic City Broke. Atlantic, 309(3), 38-44. Whereas a great degree of analysis has been placed upon potential solutions to the economic hardships facing Atlantic City, relatively little focus has been placed upon how the situation actually unfolded. As such, this particular article is essentially useful due to the fact that it focuses upon the factors that allowed Atlantic City to falter from its position of preeminent gambling location on the East Coast. Likewise, the author indicates the fact that even though the economic downturn was a primary catalyst to the way in which Atlantic City began to lose revenue and market share, it was ultimately the result of the fact that Atlantic City was unresponsive to the demands of the consumer. Without a primary and fundamental level of focus upon the demands of the consumer and the means by which the market was represented, it is this author’s contention that Atlantic City was all but doomed to fail from the outset. COHEN, J. (2012). Under the Boardwalks. New Republic, 243(18), 9-10. This article underscores the behind-the-scenes occurrences that impacted upon Atlantic City and the overall profitability of its gambling sector; notably the economic base upon which Atlantic City necessarily relies upon. From the analysis that was conducted, the author engages the reader with the understanding that a fundamental level of disconnection between the local and state governments, tax structure, and small business development is ultimately responsible for the failure that was exhibited within Atlantic City. Decades, it was expected by legislators and individuals within authority that the prior model of business development would be sufficient to carry Atlantic City on to further levels of profitability and market dominance. However, the impacts of 2007/2008 were not considered and the potential alternatives for the way in which Atlantic City could continue to exhibit an economic base were not developed. As a direct result of this lack of development and in effective taxation structure, businesses did not have a direct incentive to engage with Atlantic City and consider it as an alternative to other prosperous and faster growing regions of New Jersey. DAWSEY, J. (2014, August 30). Atlantic Citys Wager on Casinos Sours. Wall Street Journal - Eastern Edition. p. A3. Even if stakeholders begin to understand that the casino industry within Atlantic city was facing extreme problems; many began to indicate that further support and government involvement could essentially rescue these industries from the hardships they were facing. However, as history has proven, and as the article in question denotes, the investment that was directed towards Atlantic City was ultimately ill advised, untimely, and ineffective. The root economic realities that essentially doomed Atlantic City were in fact too broad for a last-ditch effort by governmental spectators to ameliorate. Accordingly, the author spends a great deal of time utilizing the case of Atlantic City as a reason for why government intervention within the private sector is oftentimes ill advised and ineffective. Although this necessarily has a certain political slant to it, is nonetheless a salient argument that should be made and one that has a level of relationship to the modern era and the manner by which government intervention is oftentimes seen as a potential remedy for economic distress within the private sector. Dawsey, J. (2014, September 6). Atlantic City Poses a Liability for Gov. Christie. Wall Street Journal (Online). p. 15. In keeping with the political aspects that have been discussed previously, this particular article has been included within the annotated bibliography due to the fact that the success or failure of Atlantic City is ultimately tied to the success or failure of New Jersey’s governor; presidential hopeful Gov. Chris Christie. By reviewing this particular aspect of the situation, the reader comes to the understanding that the government intervention in the hopes of saving Atlantic City from default are ultimately directly tied to the aspirations of New Jersey’s governor. With this in mind, the reader can come to a more further understanding of the reason for why New Jersey, and indeed the rest of the nation, has become so intimately aware of the question of Atlantic City and whether or not it will succeed or be allowed to slowly die. Karmin, C., Brickley, P., & Dawsey, J. (2014, September 10). Casino Herd Thins in Atlantic City. Wall Street Journal - Eastern Edition. p. B3. As with any business sector that faces and more difficult market, greater competition, or reduced interest from the consumer, this particular article illustrates the way in which they once extraordinarily prosperous chain of casinos that operate within Atlantic City have slowly, and one by one, ceased to exist. The obvious take away from this entire analysis is the fact that the trend which has been exhibited is indicative of one in which Atlantic City will eventually come to be a place that is either a ghost town or one that does not rely upon gambling whatsoever as an economic base. Furthermore, the authors encourage stakeholders to understand that the current trend is one that is not tenable with respect to relying upon gambling as a fundamental fixture of the Atlantic City business dynamic. Teske, P., & Sur, B. (2013). Winners and Losers: Politics, Casino Gambling, and Re-Development in Atlantic City. Policy Studies Review,10(2/3), 130-137. The final article that has been included within this annotated bibliography is with respect to the economic impact and a measurement of business development that is likely to be illustrated as the trend that has been described continues. Essentially, as over 70% of the economic base of Atlantic City is either directly or indirectly tied to the casino industry, the means by which the remaining 30% of industries can seek to reach shifted their focus and provide an alternative economic base is essentially a question of survival and whether or not these business entities can continue to remain relevant in a city in which a vast majority of its economic base has simply evaporated and is no longer viable. Beyond merely an identification of Atlantic City’s problems and potential solutions, the article in question is useful due to the fact that it provides the reader with an understanding of the way in which an entire region faces issues concerning economic base questions and how market can be engaged will be engaged within a situation such as the one that has been described. The application of this particular piece of scholarship is of course broad; and relates to many firms that seek to remain relevant within a dynamic that is no longer tenable. Read More