Atlantic City Economy Assessment at Jersey Shoreview
Atlantic City, N.J. — The entertainment industry in Atlantic City is booming, yet economic challenges persist. Experts discussed these dynamics during the seventh annual Jersey Shoreview panel at Stockton University’s Atlantic City campus on October 8, co-hosted by Stockton’s LIGHT and Visit Atlantic City.
Key Insights from the Panel
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Economic Outlook: While summer events were successful, Associate Professor of Economics Oliver Cooke noted a cautious approach to hiring, with summer employment down 3%, equating to roughly 5,500 fewer jobs compared to the previous year.
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Consumer Behavior: Challenges like inflation and high gas prices are making consumers hesitant. Cooke highlighted a divide in spending habits, with wealthier consumers continuing to spend freely while others are more reserved.
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Entertainment Boom: Despite caution in the job market, significant events—like concerts by Shakira and WWE wrestling—have drawn visitors and boosted local spending. Approximately 95% of attendees at Boardwalk Hall events come from over 60 miles away.
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Convention Significance: As leisure tourism slows post-summer, convention business becomes critical. Anthony Molino from Visit Atlantic City emphasized the resilience of this sector, but noted competitiveness due to new casinos emerging.
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Infrastructure Challenges: Gary Musich, president of Visit Atlantic City, raised concerns about the Sheraton Atlantic City Convention Center Hotel’s uncertain future, which may affect the city’s ability to host significant conventions if it closes.
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Future Concerns: Panelists addressed ongoing challenges, such as rising operating costs and new casino competition. Economic instability affecting consumers’ disposable income was a significant worry, influencing future spending on travel and entertainment.
Conclusion
Panelists underscored the need for reinvestment in the city’s infrastructure to maintain its appeal and competitiveness as a destination for both entertainment and conventions. The future growth of Atlantic City hinges on adapting to economic conditions and consumer behaviors.
