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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. We have been bullied into not voting or voting no by casino owners from New York protecting their own interests with scandalously false advertising and their partners from South Jersey who are unadvisedly holding onto this pipe dream that Atlantic City is coming back,” according to the release. The gambling operator recently announced that as many as 2,300 of their bet...
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). One reason for that could be that a major funding source for Trenton’s Bad Bet is Resorts World Casino New York, and one of the other opponent groups, “No North Jersey Casinos” counts as its most prominent members the Southern New Jersey Chamber of Commerce and the Greater Atlantic City Chamber, whose interests obviously align with those of Atlantic City casinos. 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....
