Casinos Closing in Atlantic City

iStock/Thinkstock(ATLANTIC CITY, N.J.) -- After 36 years of casino gambling in New Jersey, the industry is crashing.

Atlantic City, which once had a monopoly on East Coast gambling, is losing some of its 12 casinos.

The Atlantic Club, Trump Plaza, and the Showboat plan to fold this year, and the Revel could join them.

Despite the quick collapse, Atlantic City is gambling on new nightclubs, malls, concerts, and conventions as part of a five-year turn-around plan.

Analysts say Connecticut, Mississippi, and Pennsylvania may also be at risk because of increasing competition.


Copyright 2014 ABC News Radio

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