Casino Gambling Shutdown in Atlantic City Costing Millions
Atlantic City casinos forced to close by a New Jersey state budget dispute are losing more than $20 million a day in revenue and putting thousands of workers out of jobs, an industry executive said on Wednesday. The stocks of casino gambling companies that have casinos in Atlantic City were off, with shares of Trump Entertainment Resorts Inc. hit hardest, since it only owns casinos in the seaside resort.
It was down more than 4 percent. All 12 of the city's casinos closed on Wednesday morning after a budget impasse led New Jersey Gov. Jon Corzine to shut down nonessential services July 1, furloughing most state employees, a Casino Control Commission spokesman said. The casinos, which generate millions of dollars in taxes for New Jersey, must have state-employed regulators in place to operate. A state appellate court on Monday rejected a plea by casinos to stay open. "It is a terrible thing for Atlantic City," Trump Entertainment Resorts Inc. Chief Operating Officer Mark Juliano said.
"For future investment it makes people think that there is not a government that is stable enough to administer their own policies."
July 6, 2006
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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