Posted on 08/13/2014 12:33:52 PM PDT by C19fan
http://www.bloomberg.com/news/2014-08-12/atlantic-city-faces-downward-spiral-with-revel-s-demise.html
(Excerpt) Read more at Bloomberg linkonly ...
The downward spiral came before the demise of this specific casino.
Christie should be made to account for the $250 million in taxpayer dollars he poured into this wreck.
AC is just like Detroit. A one industry town that enjoyed a monopoly for several decades until other players offering a better product came into the market. The corruption, demographics, and horrible governance prevent some new industry/businesses from stepping in. I believe 4 casinos have announced closing this year.
I haven’t kept up with the situation in Atlantic City. But thought that legal gambling was going to turn their economy around. I guess they didn’t get all the benefit they hoped for.
Albany Doubling Down as Casino Boom Fades
'New York State is charging headlong into the casino business, with four full-service gambling resorts expected to be approved this fall and opened as early as next year, and talk of a torrent of new revenue, thousands of new jobs and a powerful economic jump-start for long-depressed upstate communities.'
So they had a period of prosperity from gambling, but sounds like they didn’t adapt and change as other places legalized gambling also.
This is New Jersey. The mob runs the casinos and the politicians and the mobsters share the same suit.
Not one thin dime from the casino industry ever made it's way back into the community. Even in it's heyday, the casinos looked nice, but the surrounding areas looked like Camden by the Sea.
But the politician/mobsters all got fatter.
I live in PA, but even before this state had casinos, I would never set foot in Atlantic City. The article says the city was decaying before the casinos arrived. I say the casinos did nothing to improve the city. It has always been a cesspool and always will be.
I have only been to a casino once; Atlantic City, in 1988. I was not impressed with the town or casino. A bunch of 60-ish ladies from NYC feeding the slots, and Japanese repatriating some of our dollars at the crap tables. I left wondering how I could get that afternoon of my life back.
I have no desire to return to a casino or Atlantic City again.
Anyone who plays in a casino, any casino, is playing a sucker’s game, and virtually all of them will lose money.
Double Bingo!
I have been there a couple of times the last few years for a trade show. It is a hole!!!!
Have you ever been to Atlantic City? I went once. All the casinos had high minimum bets, and low payouts. You go from table to table, and you see you have to bet $25 and up. Once in a while you see $15. Your money won't last long, especially with low chance of winning.
A better bet is to pay plane-fare and fly to Las Vegas or Reno. Minimums are often found at $5 on a table, and for smaller casinos sometimes you find $3 minimums. With higher chances of winning. And if you're in Nevada, go to the lesser-traveled places like Carson City and you might find it even cheaper for the same thrills. I will never go to Atlantic City again.
First off, I'll partly agree with you. A sucker's game, from the standpoint that the payout is not 50-50, but favors the house slightly. So yes, more people will lose money than win - it's a statistical certainty. We play for entertainment, playing with a set amount of money and if we lose that amount we leave. We're beating the odds, as we often win more than we bring so we're beating the stats. But for us, it's not to obtain money but to have some excitement.
What gets me are all the people who play Lotto. Now that is truly a sucker's game, house gets money from losing players at greater than 99 percent rate. Almost zero chance of winning. Payout no where near 50 percent to the 1 or 2 winners, a mere fraction of what goes in. Lotto should be dismantled.
Lotto is a tax on the stupid...IMO.
The ONLY thing that any legal gambling does is make money for the owners at the expense of the morons who gamble away their money with a less that 2% chance of winning anything more that 98% of what they lost.
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