Casinos are a risky business. The house always wins, and the odds are stacked against you. But there is some good news for casino lovers out there: Casinos don’t go bankrupt very often. In fact, the number of casinos that have gone bankrupt has been steadily declining over the past decade. That being said, some casinos do go under every year—and they’re not always small operations either. So here’s our list of bankrupt casinos that were once famous but couldn’t keep up with the competition.
List of Bankrupt Casinos
There are many reasons why a casino might go bankrupt. Whether we’re talking of online casinos or retail venues, there’s always a chance that things will go south. The same applies to fully regulated casinos and casinos not on Gamstop. No matter the case, the reasons are always the same. Most often, they include:
- Being in the wrong place at the wrong time – A casino that is located in a town or city with too much competition may find itself unable to attract customers. In these cases, bankruptcy is often the only option for survival. Sometimes, it allows the brand to stay open as an online establishment after going through the bankruptcy process.
- Poor business decisions. – Bad management decisions made by top executives, such as spending too much money on marketing or expanding into countries where their brand isn’t well known (such as China). Bad business practices also contribute heavily to bankruptcy because they can cause revenue streams to dry up quickly. That leaves casinos without enough money coming in.
- Poor customer focus. – Modern casino players are on every corner. While establishing a retail casino is a great decision, it is necessary to launch an online casino that’s compatible with mobile devices. While it requires a higher initial investment, it helps the company stay afloat.
- Choosing reliable game partners. – From the moment it starts operating, a casino brand needs to establish collaboration with reliable partners.
- Not following the latest trends. – Take the increasing popularity of crypto, for example, casinos that don’t accept these payment methods are losing modern customers.
Casinos that have gone bankrupt have all made some of the abovementioned mistakes. Let’s go over the list to see some of the most famous casinos that went bankrupt.
Atlantic Club Casino Hotel
Atlantic Club Casino Hotel was a casino in Atlantic City, New Jersey, United States. It was located on the Boardwalk, opposite the Showboat Casino. The casino opened in 1980 and closed in 2014. Despite being present for a long time, its bad business decisions have led to its closing.
Revel Oceans Resort & Casino
Opened in April of 2012, Revel Oceans Resort & Casino was the largest casino to ever go bankrupt. The casino was built for $2.4 billion and closed its doors after just two years in business, leaving behind $1.3 billion in debt. The casino was sold for $90 million in 2015 and reopened under a new name: TEN, or “The Entertainment Complex”. It’s a prime example of the percentage of casinos that go bankrupt due to poor business management. If you’re wondering do big casinos go bankrupt often, the answer is yes and no. While many casinos can go bankrupt, it doesn’t happen often with big names.
Aladdin Casino
Aladdin Casino, located on the Las Vegas Strip in Paradise, Nevada, closed its doors in August 2004. It was a hotel and casino owned by Boyd Gaming Corporation. The Aladdin opened in 1966 and was one of the first casinos built on the strip after McCarran airport opened. The hotel contained 1,711 rooms that were spread across three towers as well as an outdoor pool and spa facilities. The casino contained over 2,200 slots and 160 table games, including blackjack and roulette tables.
Sahara Las Vegas
Sahara was opened in 1952 as the first casino on what would become known as the Las Vegas Strip. It was built by legendary Chicago gangster Tony Cornero and featured a hotel, casino, restaurants, and bars. The property went bankrupt in 2011 after being taken over by its parent company, SBE Incorporated (formerly known as Starwood Hotels & Resorts). The Sahara Hotel & Casino closed its doors for good on August 27th of that year after a long and storied history on the strip.
How Often Do Casinos Go Bankrupt
It’s hard to determine how often do casinos go bankrupt. The marketplace with online casinos is much more dynamic nowadays. Many people think casinos are safe bets—you know, because the house always wins. But the reality is that casinos go bankrupt every year. In some years, more than one casino has gone belly up. In fact, out of all businesses in America (and there were more than two million active businesses at the time), casinos were among those with the highest failure rate.
How Many Casinos Go Bankrupt Every Year
Knowing how many casinos go bankrupt in a year is important, but there are two ways to look at it. First, it’s a small number. In fact, most people don’t realize how many casinos exist in America – there are over 150 operating casinos in Nevada alone.
Second, even if a casino does close its doors for good, that doesn’t mean the game stops being played, and people can’t still gamble safely online (or at another nearby establishment). That’s why answering the question of how many casinos go bankrupt each year is challenging. There are too many fluctuations in the modern market. Especially when you consider how much the industry is growing.
Therefore, to answer the question of how many casinos have gone bankrupt, it’s safe to say that the number is in the hundreds, if not thousands of brands.
How Many Trump Casinos Went Bankrupt
Trump is no stranger to the bankruptcy process. In fact, his businesses have gone bankrupt a total of six times since 1991. Here’s a rundown of the casinos and properties that went bust under his leadership:
- Trump Taj Mahal (1991)
- Trump Plaza Hotel & Casino (1992)
- Trump’s Castle (1992)
- Trump World’s Fair (1992)
- Trump Marina (2005)
Conclusion
If you’re thinking about going to a casino, it is important to do your research first. You don’t want to waste any time or money on a place that might go bankrupt. If you do want to gamble, there are plenty of other options out there besides these bankrupt casinos. Simply do your research online, and you can easily find reliable brands with a long history of stable growth. That way, you’ll know that you’re gambling with a brand that can pay out all your winnings, no matter how high they are.
