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It is the same thing as any other con – from Bernie Madoff to Charles Ponzi – they say it convincingly and we fall for it, only to pay a heavy price later. However, the study was one-sided and incomplete in that it, “did not analyze or quantify the offsetting economic impacts of casino expansion in northern New Jersey,” according to the 110-page document’s Executive Summary (PDF). Many may not be aware of other profitable casinos that closed for various reasons or the deals made by other operators and deed restrictions put in place in order to reduce competition in Atlantic City so the remaining casinos would have a better chance....
The study’s conclusion was apocalyptic and predicted either a contraction of industry EBITDA to some 5 million at best (from then current 4 million) or the closure of three to five Atlantic City casinos. it is no wonder as they were all done by South Jersey interests,” said Ron Simoncini, Executive Director for the North Jersey Gaming Advocates.New Jersey voters will go to the polls Tuesday without all of the information they need to make a completely rational decision....
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