Anyone who has visited Atlantic City knows how scuzzy the town is, but this is a new low. The former Golden Nugget casino is so desperate for gamblers it is offering $1 bets on roulette and blackjack and $3 bets on dice games, like craps. The casino – now known as the Atlantic Club – also has increased the pay out on its penny slot machines.

The moves are all designed to go after the low rollers or minnows as opposed to high rollers or whales. Call it the Wal-Mart casino.

State regulators just approved the moves to allow cheaper bets, which are now the lowest in Atlantic City. The cut-rate strategy is likely to attract poorer gamblers, including many elderly and minorities living on fixed incomes. Their gambling losses will serve as a regressive tax on those who can least afford it.

Atlantic City has been hurt by increased competition mainly from casinos in Pennsylvania. Several casinos have been forced to file for bankruptcy. The Atlantic Club is on its third name in a year. Now the casino is going after low end customers and trying to make a profit on volume.

It’s a race to the bottom to attract struggling gamblers in a sluggish economy. It shows how casinos will do whatever it takes to suck every last nickel out of gamblers.