Atlantic Monthly – The Magazine That Is Better Than A Youtube Newscast

In an ongoing column from a list of featured writers, we are covering the history and impact on a variety of magazines on American Culture. Our hope is to educate the consumer and business audience to subscribe to magazines even in the face of quicker news delivery via the Web.

The Atlantic Monthly (or The Atlantic) is one such magazine that has challenged and engaged America’s thought leaders since 1857. It has done this by covering a wide range of topics including arts, culture and technology as well as foreign affairs and the economy. This magazine offers its readers unique, in-depth editorial articles to challenge their patterns of thinking. It has been argued that ordering a magazine subscription to the Atlantic Monthly makes a lot of sense because it is consistently the most influential American magazine and our nation’s smartest read. The writers at this magazine writers offer readable, well thought out and researched accounts of the issues and opinions that preoccupy this country’s most sophisticated readers. This magazine is ideal for business and library subscriptions for discerning readers.

Even after a history lasting more than 150 years, the Atlantic Monthly remains the publication, which leads discussion on the most critical and contentious issues affecting modern America. The magazine is renowned for its behind the scenes, uniquely engaging and in-depth journalism. It brings to the discussion table many politically difficult topics and aims to provide ahead-of-the-curve insight on problems and challenges Americans face. This ensures that the Atlantic Monthly remains at the forefront of American dialogue on homeland and international affairs.

Writers at the magazine have built up and strive to maintain a unique combination of access to and insight into the way the world’s most influential people work. They also favor full exploration over fast reporting. This means that they have taken the time to investigate all of the topics presented in the magazine. You can use the facts and opinions presented as a basis for the work that you do, without worrying that they have been hastily gathered or not checked carefully. These pieces are used to support and add context to modern articles.

Does it makes sense that so many people want to read the number one rated magazine for influential thinkers? It does if you are they type of person that is interested to hear what nearly one-and-a-half leaders in the fields of business, opinion, policy and markets leaders and in our nation’s capital city read. When you don’t get enough from the Wall Street Journal or Newsweek and you find that are you looking for journalism, which is in-depth, behind the scenes and totally engaging, it makes perfect sense to look at The Atlantic. Subscription services online do a lot of business with this title and if you like reading well researched articles on a wide variety of topics that are very important to how the United States operates internally and in the modern international world, then you should consider adding this to your arsenal of knowledge.

Atlantic City – Decline and Fall of Gambling

Atlantic City has fallen on such hard times that bankruptcy chatter permeates the air. The city’s primary industry, gambling, has been decimated as newer casinos in nearby states have lured gamblers away from the New Jersey shore with its famed boardwalk.

New Jersey Governor Chris Christie is not taking this turn of events lying down. He has appointed a turnaround team, including former Detroit emergency manager Kevyn Orr, to review the alternatives. Is this only a step away from an autopsy? After all, Kevyn Orr is the guiding light who launched Detroit into bankruptcy.

Truthfully, can anyone perform magic on a city that saw 4 of its 12 casinos close last year? Then there’s the Trump Taj Mahal, which barely avoided closing, remains on life support, and is seeking a white knight investor. Caesars Entertainment, which owns Bally’s Atlantic City and Caesars Atlantic City, filed for bankruptcy last month.

“No one should expect that the appointment of a very competent fiscal manager is the solution for Atlantic City,” said Peter Reinhart, professor and director of the Kislak Real Estate Institute at Monmouth University, as it would not solve the underlying problems of a stagnant tourism and casino industry.

Besides the downward spiral of casino gambling, there is also the threat of online gaming. You can now add New Jersey to the number of states who allow online gaming. The Garden State joined Nevada and Delaware as the only states with legalized online gambling, and is now the biggest in population.

How does that impact destination gambling? It doesn’t help. However, many don’t go for gambling alone. The resorts offer shows, seminars and conventions — both for recreation and business. Ultimately, the casinos may be the biggest winners because as it now stands, online gambling web sites must operate through casinos. But, for how long? And, as states seek revenue, some will inevitably turn to online gaming as a source to help fill their coffers which may prompt them to loosen this restriction. Anytime a gambler can place a bet online rather than having to go to a physical place is one less gambler available to all casinos, including Atlantic City casinos.

Atlantic City is a town of 40,000 people, 48 blocks long, three-quarters of a mile wide at its widest. Its budget is about $270 million. About one-third of its residents live in poverty. More than two-thirds of its adults age 25 and older have a high school diploma or less. Atlantic City remains the only place in New Jersey where casino gambling is legal.

Is any casino doing well? “Well” may be a relative term. The casinos left are, at least, still open. They are the Borgata, Tropicana, Resorts, and Golden Nugget. The decline started in 2007, the year after Pennsylvania opened slots. Within four years, Pennsylvania bumped Atlantic City out of second place behind Nevada in annual gambling revenue. In 2013, Pennsylvania’s gross gaming revenue was $3.1 billion. There is also competition from New York which allows gambling in the Catskills and various counties.

No matter how you look at it, hiring a turnaround team knowledgeable in municipal bankruptcy is a sign of Atlantic City’s times.

Why Vegas Prospers While Atlantic City Shrivels

Summer is drawing to an end, and with it, the height of tourist season. But some of the doors closing on Atlantic City’s boardwalk won’t reopen come next Memorial Day.

The Showboat Casino Hotel and Revel, one casino a 27-year-old institution and the other only two years old, have both shut down for good. Trump Plaza is slated to join them, and the Atlantic Club Casino Hotel closed last January. The Trump Taj Mahal is reportedly in precarious shape as well.

The conventional wisdom is that the Boardwalk Empire is struggling today because of competition from expanded gambling elsewhere in the Northeast. That is certainly a factor. The days of Atlantic City’s regional monopoly are over for good, and the effects are self-evident. The Washington Post has reported that the city’s overall casino revenues are at around half of where they were in 2006. (1)

But if increased competition were the entire explanation, the struggle would be more widespread. Casinos have spread from a few pioneering and out of the way locations to urban areas, such as Baltimore or Philadelphia, nationwide. The gambling industry as a whole is chugging along well enough.

Gambling, and the other diversions casinos provide, are components of the entertainment industry; that industry, by its nature, creates hours of amusement, but nothing tangible of lasting value. Although I would personally prefer to spend my time and money at an amusement park than in a room full of slot machines, other people feel differently.

But you cannot build an entire economy off gambling alone. Cities simply can’t live on entertainment, of any sort, without any other underlying economic activity. When you compare Atlantic City to Las Vegas, this principle becomes clear. You would expect expanded gambling venues nationwide to hit Las Vegas as hard, or maybe proportionally harder. But long-term visitor trends say otherwise. Over 39 million people visited Las Vegas in 2013, about 6 million more than visited in 1999. Atlantic City’s visitor total fell by about the same amount over that period.

What, then, is the difference? Las Vegas, although it makes a big part of its living from casinos, doesn’t rely on them exclusively for its success and continued existence. Nevada offers a favorable tax climate and, for those who can stand (or escape) the heat, a favorable living climate too, with only around 4 inches of rain a year. People hold business conferences there. People retire there. People set up their banking or trusts there. Businesses incorporate there.

New Jersey has both a miserable climate for business and a miserable climate for people. Despite a few mild ocean breezes in the summer, it’s mainly a damp, expensive place. And if you leave the casinos, you can’t help but notice the rest of the city is decrepit. It took until 2012 to get a supermarket. Nobody retires to Atlantic City.

Las Vegas isn’t a bigger Atlantic City. Las Vegas is Phoenix with casinos.

The need for Atlantic City to diversify its economy has not been lost on everyone. There is talk of trying to attract a four-year college and expanded retail investment, MarketWatch reported. (2) But a place where 8,000 workers have abruptly lost their jobs and 30 percent of the population lives below the poverty line is one that will face an uphill battle, especially with the headwinds of New Jersey’s overall business climate working against it.

To fix Atlantic City – or, for that matter, other New Jersey cities like Camden or Paterson or Newark – New Jersey’s leaders need to fix what’s actually wrong in the city and, more broadly, in the state. They can’t do anything about the weather, true. But until New Jersey becomes an attractive place to settle, build wealth and enjoy retirement, Atlantic City will never be another Las Vegas.

Sources:

1) The Washington Post, “Atlantic City’s decline continues as Revel, Showboat close up shop”

2) MarketWatch, “Atlantic City: How to save the Boardwalk Empire”