Posted on 07/12/2014 1:53:37 PM PDT by dynachrome
“It never stopped being a dump...”
True, and that is the problem. The redevelopment of AC should have been the entire town, not just the boardwalk areas. The rest of the town is a swill-hole. This is just the beginning of the exodus.
In the 90’s we would drive the AC Expressway to attend the annual NJ Utility Contractors Convention and upon entering the City, all you could see were the slums on the right, all fenced in. I guess they hoped we wouldn’t notice. They are now gone.
You are free to do what you like with your money, but gambling is still a tax on stupidity. Your example is excellent in the realm of consumer choice. All economics is based on preferences. When I go to Disney or Great America or the grocery store I don’t use luck in the transaction. That’s a difference.
Reliance on luck is a delusion. The gambling house is going to win. It’s designed that way. Your $275 in winnings is another sap’s losses. The house made their cut no matter what.
Gambling, other than games of skill like poker, is trying to make something from nothing. It’s anti-work and a major drain on the resources of the poor and middle-class alike. Take a look at the state lotteries. In Illinois it was sold as a way to “save the children” and “make our schools financially stable”. It did neither and simply transfers money from the stupid to the savvy (who don’t play). In too many cases that money came by way of taxes to be in the pocket of the fool who’s wasting it. The net present value of a lottery ticket is negative.
Consider also the power of compounding. At the same time the pleasure you derive in gambling might be of such value that losing doesn’t bother you. That’s your preference. It still doesn’t change the foolishness of gambling.
Here’s a quote that may help to clarify it for you:
“An investment operation is one in which, upon thorough analysis, promises safety of principle and an adequate return. Operations not meeting these requirements are speculative.” - Benjamin Graham
How cool is that! I regret never having gone in it. You just sparked another memory though. If I recall correctly, there was a “Space Needle” ride on Steel Pier (or the other one) that I would ride just to get a better view of it.
That and walking the boardwalk from A.C. all the way to Ventnor and back. The better memories of my visits to Atlantic City that year.
Atlantic City was a strange and wonderful place right up until casino gambling ruined it.
most of the population in nj is up north, ac is 2.5 hrs. away, then PA opened up gambling in Bethlehem, PA, one hour away, and it’s cheaper to run a trip, less gas, buses are cheaper.
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