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Real Estate News and Advice |
December 1, 2008 |
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Atlantic City: Under the Boardwalk ..
by Courtney Ronan
Atlantic City continues to be a great spot for people-watching. It's a city where people come to try to their luck -- to take chances at gambling, to enjoy live entertainment in a city that rarely if ever sleeps, and to stroll its legendary boardwalk. Atlantic City enjoys a thriving tourism business almost year-round. Despite the fact that East Coast winters are often harsh and friendly, that hardly stops the flow of traffic here. The lure of winning keeps 'em coming, and the boardwalk is still an interesting spot for watching the world go by -- regardless of the season. Although the neon lights are flashing and new construction continues as quickly as tourists are willing to empty their wallets, a trip down the boardwalk is a trip back in time. Amusement-park rides sit alongside, offering bird's-eye views of the Atlantic. The pleasant aromas of hot dogs, popcorn, peanuts and other fast-food staples mix with the sea air. Seagulls take an occasional dip down to the ground to take advantage of what the tourists left behind. It's a peaceful diversion from the action of the casinos, although you probably won't be able to stay away from them for long. While gambling reigns supreme in Atlantic City, this town is trying hard to reshape its identity. Atlantic City has begun marketing itself as a conventioners' and beachcombers' destination, instead of just a good place to gamble. This new identity campaign might be a hard sell given the aura that Mr. Trump helped create. Nevertheless, Atlantic City has begun revitalizing some of its older neighborhoods in hopes that some of its regular tourists will we tempted to stick around a while and turn this casino town into something resembling a hometown. Atlantic City's history dates back to the early part of this century, long before the days of legalized gambling, when it was considered the place to see and be seen on the Eastern Seaboard. Gentlemen and ladies of leisure packed its beaches and resorts. Atlantic City became infamous for its bizarre, yet entertaining acts -- including "Rex the Surfing Dog," diving horses and boxing cats (yes, boxing cats). The city became something of a circus act. It was hard to come here and not be fascinated at this odd slice of life. The mystique continued until the 1960s, when Rex and his fellow mammals became tiresome to tourists. This once-booming segment of the local economy dipped drastically, and Atlantic City's overall economic vitality soon plummeted. In fact, Atlantic City eventually became one of the United States' most depressed local economies. The magic ingredient proved to be the legalization of gambling. Once the practice was introduced here in the 1970s, tourists soon returned to Atlantic City. Today, the city remains one of the United States' most frequented destinations, drawing more than 35 million visitors each year. According to local statistics, however, the vast majority of Atlantic City tourists merely make it a stop on their way to or from somewhere else -- namely New York City and Philadelphia. Visitors stop here to gamble and then move on. Less than 25 percent of all tourists actually book a night in a hotel, so many hoteliers have found that turning their properties into casinos proves to be a more profitable calling. Casinos are open 24 hours a day here, and Donald Trump's name is emblazoned on four of them. Aside from the previously mentioned Taj Mahal, Trump's properties include the Casino/Trump World's Fair Casino; Trump Plaza Hotel; and Trump's Marina Casino Resort. Other non-Trumped casinos include Caesars Atlantic City, Bally's Park Place Casino Hotel and Tower, Sands Hotel Casino and Showboat. If you're not shelling out big bucks in the game halls, you're likely to be spending money at the numerous shops, entertainment halls and restaurants located within the same buildings. There's little reason to leave the indoors -- unless, of course, you like the ocean. The Steel Pier, located along the boardwalk, is a good change of pace from the greed-fest going on further up shore. It's here that horses once dove before transfixed crowds. Today, the Steel Pier caters to the young at heart with a variety of amusement park rides. If you're planning on making Atlantic City your home, you'll have plenty of styles from which to choose. Much of Atlantic City's inventory is comprised of historic and architecturally unique homes. Many former single-family homes have been converted into multifamily units and now available for sale as investment properties or "fixer-uppers." If historic isn't your preference, new construction continues here, and many brand-new properties are surprisingly affordable, some in the low $100s. Being a beach community, Atlantic City also has a sizeable inventory of condominiums.
Although Trump isn't solely responsible for Atlantic City's comeback, it
does appear that his financial contributions are helping this boardwalk
town revive its once-troubled economy. As we enter the next century,
economists will continue to watch Atlantic City to see if its campaign to
change from casino town to beachtown and hometown will come to fruition.
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Published: July 26, 1999 Use of this article without permission is a violation of federal copyright laws.
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