Atlantic City Casinos Aren’t Feeling Guilty About Filing Bankruptcy- And Neither Should Struggling New Yorkers
Like many of its gamblers, Atlantic City is on a bit of a losing streak itself. With one casino after another closing its doors for good, 2014-2015 has been an unlucky year for the gambling supported local economy to say the least. We are watching these developments closely from our New York City bankruptcy offices. In just the last nine months four major Atlantic City casinos have thrown in the towel. First the Atlantic Club, then the Showboat, then the Revel, and now the Trump Plaza. Thousands of people are already jobless as 25% of the casino workforce has been laid off Casino revenues are down nearly 50%, or 3 billion dollars, since 2006. Because of the fallout Revel has filed bankruptcy twice since 2012, and this will actually be the third bankruptcy for Trump Entertainment. It’s clear that when times get tough these corporations won’t hesitate to protect themselves. Things are looking pretty bad for many of the residents and casino workers of Atlantic City, but the corporations that run the casinos will survive and won’t think twice about filing bankruptcy again.
With all that is at stake for Atlantic City you would think someone in those ivory towers would be trying to do something to avoid bankruptcy. People are losing their jobs, and the gambling industry is crumbling for goodness sakes. The sad truth is, there is really nothing that can be done. There is legalized gambling in Maryland, Pennsylvania, and yes even New York. The casino industry in Atlantic City will survive, but it will certainly be smaller than it was. The powers that be behind the casinos really have no choice but to file bankruptcy again. Despite the impact on the local economy they will make an unemotional decision based on their bottom line. These bankruptcies will most certainly affect thousands of people, but the corporations will move forward with them nevertheless.
The ironic thing we notice is that individuals, married couples and even small businesses that come into our New York City offices always seem to have more guilt about filing bankruptcies than these giant corporations. Honest people that really need bankruptcy protection will delay getting the help they need because of the guilt. People are taught that it’s wrong not to pay their bills, and are shamed into destitution when there is help available. The truth is that unless you are a financial giant like a casino most people won’t even notice you filed bankruptcy. Your bankruptcy certainly won’t put thousands of people out of a job. What you think is a mountain of debt to a bank or credit card company is really just a tiny speck on their spreadsheets. The banks make the rules and we play their game, one designed for them to make money and for us to go into debt.
Not everyone in financial trouble should file bankruptcy, but if you have fallen into the debt trap it might be the best way out. It is your legal right, and sometimes the only way to get the fresh start you need. The casino corporations certainly know this. Regular people that need bankruptcy should be able to get help without feeling guilty about it too. If you are behind on your bills for any reason and live in New York City contact the Law Offices of William Waldner online or at 212.344.2882. We mainly practice bankruptcy law and know how to protect your valuable assets and bank accounts in bankruptcy.
**** DISCLAIMER: This article is intended for educational purposes only. By reading no attorney-client relationship has been created. Prior results do not guarantee a similar result for future clients.