Casinos are now sprouting across New Jersey’s borders. Shuttered Atlantic City integrated resorts, on the other hand, are starting to come back to life under new management.

For many, these events are a tell-tale sign that the region’s gaming market is finally making a turnaround after years of revenue slump. The rosy picture, however, gives some analysts that feeling, which one can only say what it is in French.

International credit debt watchers Fitch Ratings and Standard & Poor’s (S&P) Global Ratings are warning that Atlantic City may find itself in rock bottom should the gaming market becomes oversaturated and casino competition in the neighboring states intensify.

They were referring to the re-opening of Hard Rock Hotel & Casino Atlantic City and Revel in Atlantic City and the added competition from MGM Springfield, which is set to open in October 2018.