“Six years of financial ruin with ZERO new jobs and 20% + real unemployment with no end In site coupled with massive increased competition causes vacation spots dedicated to wasting money up the creek. So to speak.
How did I do?”
Very good; these casinos have been hurting for years. The discretionary dollars that people used to piss away are gone. People I know in north Jersey go to Pennsylvania now; it is half the mileage and cleaner. Then they have gone back to Atlantic City they’ve been struck by how empty it was.
I’m about equidistant between Atlantic City and the Connecticut casinos near Mystic; I definitely prefer the environment in Mystic.
I think the idea of putting all the illegal alien invaders in these closing casinos/hotels and have the LIBs volunteer to take care of them Problem solved. You could even have the corpulent gov of NJ, crispi creme, hug them.
There is a new casino five miles away from my home right Downtown. Opened a couple years ago. Never been there.
A well known financial analyst on the radio hit exactly your main points, so kudos on being so astute! Further, the analyst speculated that people’s discretionary cash is mostly going for increased health insurance rates.
The trip into AC is miserable as you drive through the slums, which has always been a factor. Apparently AC has never been as popular as people nostalgically remember, even in the Steel Pier days, because of the destitution that surrounds it.
The property itself may be underwater (figuratively). Trump knew this was a long shot when he bought the unfinished Mirage casino for $4B from Merv Griffin many years ago, which I think is the place that’s going under now. There’s no way that mortgage could have been serviced in the hard times we’re now experiencing.
Indian casinos are another big factor. Over-confidence on the part of the flashy Revel complex is another. One must also wonder whether the mob has moved their financial interests away from the city, as well, leaving less payola and walking-around money for AC to put a fig leaf over their other problems.
Finally, people just aren’t gambling as much. NJ recently legalized online gambling, and that’s only generating about 10% of what they anticipated. Maybe people are smarter than they counted on, and gambling isn’t nearly the addiction that the state thought it would be.
Same for medical marijuana — that isn’t working out well for NJ either. Hardly anybody is signing up, and the left is fabricating all kinds of excuses. They had to push it through, just like legalized gambling. But the majority of state residents never bought into it, just like they never fell for the line about “revitalizing” Atlantic City when everybody knows it’s permanently blighted.
Give the people what they want, not what they don’t.