Tuesday, December 9, 2014

Gambling On the Future

Last week I pointed out Donald Trump is down to owning one casino in Atlantic City.  He was preparing to close even that this coming Friday (December 12), but the closing date was pushed back eight days in order to -incredible - try to save the three thousand jobs involved.  Trump thinks he can somehow keep it open.
Meanwhile, New Jersey State Senate President Steve Sweeney and Senator James Whelan, a former Atlantic City mayor, are sponsoring legislation that would stabilize tax bills for Atlantic City's casinos over a fifteen-year period in order to keep them going. The casinos would make payments in lieu of taxes totaling $150 million in each of the first two years, and then they would pay $120 million a year for the next thirteen years provided that the revenue they make remains steady. This legislation is expected to be discussed in Trenton this week.
Give it up, Atlantic City.  Not only are you not the only gamin' town (get it?) in the Northeast, but ,. thanks to a contracting middle class and a changed economy, it won't be long before there is no gaming "industry" in America to speak of.  You are on notice too, Las Vegas. 

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