New Jersey Lawmakers May Be Too Late To Save AC Gambling Industry
Governor Chris Christie believes it is time for the state of New Jersey to take over certain areas of Atlantic City. On Friday, Democratic leaders met for the first time to figure out a way to move forward with revitalizing the once proud casino gambling destination.
Over the past couple of years, the Atlantic City casino industry has been devastated by not only the economy but also by competition from neighboring states. Renovation and expansion plans had been halted after the economic recession.
Now, the casinos that remain in Atlantic City have had revenue figures dropping steadily for the past two years. Double digit losses on a monthly basis have become the norm for AC casinos. The governor believes that if the state takes over, the city can be rejuvenated.
A Fairleigh Dickinson University poll, however, showed that residents in New Jersey do not want a government takeover. The poll also tackled the idea of privatizing horse tracks in the state, and those questioned approved of the privatization.
One of the ideas floating around would be to add video lottery terminals at the tracks, something that the Southern half of the state has been against. There has long been a divide between the Northern and Southern parts of New Jersey when it came to gambling.
Atlantic City had always been the gambling capital of the Northeast, and lawmakers from the south did not want competition from the north. Competition is now coming from other states, leading lawmakers down the path of gambling expansion in the north.
"Even if the state takes over Atlantic City, it will be tough to stop the momentum that has been created in Pennsylvania," said Gaming Analyst Steve Schwartz. "The casinos in Pennsylvania are newer, and they have everything that AC casinos can offer to future customers."
Pennsylvania has become the biggest competitor to New Jersey, with Pennsylvania lawmakers legalizing table games earlier this month. This follows late last year when Pennsylvania casinos had higher revenue than their Atlantic City counterparts.
August 7, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
Previous Casino Gambling News Articles
Slot Machines Arrive in Maryland, Casino Gambling Coming Soon
Lollapalooza 2010 Under Way; Gamblers Head To Illinois Casinos
Dublin Irish Festival Begins In Ohio As Residents Wait For Casinos
New Zealand Gambler Denied Poker Jackpot At SkyCity Casino
Macau Gambling Revenue Continues To Climb In July