This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

10 Cities That Bent Over Backward For Big Projects

Stocks in this article: COG RJF MGM MS S

Atlantic City, N.J.
Project: Casinos
Setting up Las Vegas by the sea sounds great, doesn't it? Only if someone else doesn't open another Vegas nearby.

We're not going to go into the entire history of Atlantic City casino gambling since it was legalized in 1976, its run as a substandard revenue producer for the state since that time or the gaping tale-of-two-cities disparity between the casino district and the rest of the decaying city.

What we will note, however, is that it's been a troubling time for the city since competition started cropping up. First there was big-budget "Vegas baby" redevelopment out in Nevada. Then came casinos in Connecticut. Then more in Pennsylvania. Then sports books in Delaware.

That doesn't even account for Atlantic City missteps including a $330 million tunnel for a Steve Wynn casino that never happened, a new casino at its end called the Borgata that went from star status to so-so once MGM (MGM) pulled out and stalled projects at the now-destroyed Sands and the never-built MGM Grand Atlantic City. It got so bad that New Jersey Gov. Chris Christie offered Revel Entertainment Group $261 million in tax credits just to finish a casino project that stalled when the company was sold by Morgan Stanley (MS).

Today, Atlantic City's "tourism district" has been taken over by the state. Casino revenue, meanwhile, fell from a peak of $5.2 billion just five years ago to $3.3 billion last year -- or little more than the $3 billion generated by Pennsylvania's gaming facilities.

5 of 11

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,811.28 +33.13 0.19%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs