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Revel Casino and Resort

Governor Andrew Cuomo wants to expand casinos at a time they’re going belly up.

In New Jersey, a $2.6 billion casino and resort that got millions of tax incentives is bankrupt. The state is legalizing Internet gambling and wants to legalize sports betting. The New York Times reports:

Gov. Chris Christie signed a bill on Tuesday authorizing Internet gambling, which would allow people to play casino games from their mobile phones or laptops. He is also in court fighting a federal ban on sports betting, having signed a law last year that would legalize it.

At the same time, hotels in Atlantic City are experimenting with in-room gambling, as accessible and private as a minibar or on-demand movies. And lawmakers on the opposite side of the state envision pop-up casinos ā€” one legislator likened them to county fairs ā€” at concerts or sporting events.

Meanwhile, New York’s Indian casinos saw a drop in revenue in 2011. They are faced with competition from casinos in neighboring states and racetracks. Revenue at the tracks grew.

Do we want to go down the road taken by New Jersey? Or should we be focusing our efforts on innovation. We won’t attract economic development by installing more slot machines. We will, however, in the science lab.

Links of the Day:

– Cuomo wants to curtail sales tax incentives awarded to development projects that shift jobs around the same community. COMIDA isn’t happy.

– Mental health officials say the state’s new gun law will cost millions.

– Bath salts use appears to be on the decline. I don’t think that’s because of the ban. (Bans don’t work on other drugs.) I think it’s because users aren’t getting much enjoyment out of it.

– The Eastman House doesn’t like the proposed changes to a University Ave. apartment complex design.

6 Responses to Do We Want to be New Jersey?

  1. February 28, 2013 at 12:37 pm theodore e kumlander responds:

    sports sprawl yesterday, this is what i call the Music Man hustle, a smooth talking consultant from out of town, never local, starts pitching a sports complex ,fast ferry or water park take your pick. he has artists renderings and facts and figures that wow and amaze the local officials so they spend a few hundred thousand on a feasibility study and of course it is a rosy postive report on the future sucsess of the endevor, but ultimitly there is no real money to build anything or more impotantly demand which the local consultant already new.
    So the consultent moves on to the next town with a new hustle this time it will be casino. the important part to remember is the consultant is the only one who makes any money, just ask the fast ferry guys how this hustle works.

  2. If its done right then there wont be any hustle. The tribal casinos are down 3% while the race tracks are up. It shows that people want to gamble! It also shows that people want to gamble in smoke free facilities where the tax money goes back into the state and communities. As I have said several times on these gambling posts. If the racetracks are allowed to expand then we will not have to worry about the hustle because they have a business model that is working and already have plans for expansion. To me it seems we are ready and want full fledged legalize gambling. The tribes are learning that you can’t keep witholding tax money. The best example is Turning Stone vs. Vernon Downs. Literally across the street from each other and Vernon Downs should be getting killed but they are filling their hall, track and hotel because it a smoke free facility and they have community backing because of all the money they are putting back into it.

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  4. The idea is scale — Atlantic City and Foxwoods, for example, started off hugely successful because not only was it the only game in town — it was the only game for thousands of miles since most places banned gambling. If you build a small local casino it could be greatly successful. If you build a Foxwoods, well, it’s gonna end up like Foxwoods.

  5. January 20, 2014 at 2:34 pm dew4794 responds:

    “…because the people want it?” Casinos make their money from addicted gamblers, well over half their revenue. They do not make much money from “I’m spendind my childrens’ inheritance,” grandmas and pas. Take a drive around the casino in Niagara Fall’s US. It’s still plywood city downtown there, Jersey the same. Why? Casinos suck money out of a city an deposit the money with out-of-state investors. Do you think those investors will live in Seneca Falls. rotfl.

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