Topic: Casinos in Atlantic City close, 5,000 workers out of work (Read 1349 times)

I just got to the word 'inherited' and quit.If after six years of this idiot in office his buffers are still blaming Bush, there is no hope for them.
Low information is low information.

Here is an article you might interesting.  This guy is a leading Keynesian, and while he isn't ready to give up on it as a theory, you may want to note that he believes the middle class and below have been in a long term Depression and is ready to at least give up the pretense of recovery:

http://www.project-syndicate.org/commentary/j--bradford-delong-argues-that-it-is-time-to-call-what-is-happening-in-europe-and-the-us-by-its-true-name

Yes, well your idea of economic fact is very different from mine.   Whether you like it or not, I am versed in economics and can spot someone who isn't a mile away.   And neither you nor Obama is.   While he has advisors to be sure, you are not even versed enough to understand they are the same braintrust as Bush's and I didn't support his policies either.  They are both Keynesians, they only differ on how they weight choices within that framework, and by far Obama has done more long term systemic damage.

Economic recoveries are driven by businesses, not politicians.

It's all a matter of comparison - which you are incapable of doing. If Obama had been inaugurated and inherited a stable economy (not even growing, just stable), and then things deteriorated and got to the point where they totally suck, you could have a point. But you always pretend that all of this started when Obama took office. You never acknowledge the fact that when he took office we were bleeding 700,000 American jobs a month and the economy was in freefall.  Compared to the state it was in when he took office, and considering the Republicans blatant efforts to PREVENT recovery, I think it's pretty clear that what we should be discussing is not "Obama driven" problems, but "Obama driven" recovery - which as you have just been reminded yet again, is actually recovering better than any other western industrialized nation that was affected by the collapse.  So- by all means, why don't you regale us with all the specific moves Obama has made that have resulted in deterioration of the economy. 

there are always large layoffs somewhere.  The question is whether it is the norm or the exception.....and politicians don't tell us about economy unless you are stupid enough to listen to them....economists do. Casinos going out of business doesn't break my heart.  Maybe people are finally realizing it is a losing proposition......a voluntary tax on the ignorant (usually poor).


Why the U.S. economy is outperforming many of its peers

(even-handed, positive and negative)

http://www.washingtonpost.com/news/storyline/wp/2014/09/03/why-the-u-s-economy-is-outperforming-many-of-its-peers/

Let's see……Obama has been (and I use this term extremely loosely) in command for six years, and the economy sucks big time, lots of businesses have closed, lots of homes have gone into foreclosure, lots of jobs have been lost, there is plenty of underemployment, way too much part time employment, far too many people on some sort of public assistance----this is all in the 6 years this jackass has been 'in charge', but don't you dare say the problems are 'Obama driven'.

Didn't know about the native American casinos near LA. Thanks for that info. But as we both pointed out, Vegas is an experience - it's not JUST about a place to place a bet. And the other element - it's long established.  And yes, I already agreed that the economy probably has some effect (having been in Vegas just a couple of weeks ago, I can say it's evident there too), but I think it's hilarious that you still claim that those "poor economic conditions" were "driven by Obama".  Facts indicate otherwise.

That said, California is full of Native American casinos with plenty in the LA region....with more being added all the time.  And they are springing up in Nevada as well and they are giving LV competition, as is Reno, as is online gambling.  Additionally they each have their different pro/con impact on their clientele and communities/cities/states. 


And that said, the poor economic conditions driven by Obama policy is ALSO impacting all of these places whether you want to see that or not.

The blame goes to the politicians who try to run casinos, build shopping malls, etc. with tax dollars rather than allowing the free market to take hold.  No one party is responsible because they both do it.  The politicians are having a big summit here Monday.  Revel was not going to be built at all until the politicians got involved and bailed the project out.  Plus the City did all kinds of stuff.  Now there is a 29% property tax increase on top of the lost jobs.  But many of the jobs were not real to begin with, they were government bailout jobs, not free market jobs.  The politicians ran around saying "a rising tides raises all ships" and that was their business plan for the new casino.  

Everybody knows the only reason AC was popular was because they had a monopoly.  People stopped coming to AC when jet planes became popular in the 1950's and that is not going to change.  the casinos in Philly are not "major casinos," they are boxes with slots and table games and the parking lots need to be patrolled so they can arrest the parents who leave their small children in the car to go in and gamble.

Well, since nobody blamed Obama, and I only mentioned that the economy is not doing as well as he and his butt licking press say it is, you are, yet again, projecting the thoughts in your head (Obama is to blame) onto us and telling us we thought them.

I have and I agree.  Las Vegas is an experience...a sin city Disneyland in the middle of the dessert.   Atlantic City which I had heard about my whole life and had imagined as a place to spend a couple of fun filled days is at best lack luster.   On the historic but so-so boardwalk, the lavish casinos stick out like a sore thumb, surrounded by a beach that is just okay, an out door mall that is like every other, and a large sprawl of lower income housing.     We spent as long as it took to walk around all that, went back to the hotel, and adjusted our plans to leave the next day.  So I do think you are right in that AC, as an experience destination, just doesn't cut it.

So where did it all go wrong? Well, it started with the Pequots. Who, you ask? The Pequot tribe have a reservation in, of all places, Connecticut. And not being subject to Connecticut law - or even US law, for the most part - they opened up the Foxwood Casino; and in doing so, bled off a fair amount of gambling traffic from NY and southern New England that had been going to Atlantic City. But the killing stroke was the legalization of casino gambling in Pennsylvania. There are now four major casinos in the city of Philadelphia, and yes, that has effectively killed the market for Atlantic City. Sure, some still go there, but mostly, the draw to AC has become the Jersey Shore crowds. And that makes it essentially seasonal. It's no coincidence that these casinos shutting down did so in September. Jersey Shore businesses - like Boardwalk stores, entertainment piers and restaurants - have long understood that they are seasonal, and that they need to make as much money as possible between late spring and early autumn to get them through the lean months of winter. Hell, many of those businesses actually shut down and lock the doors between October and April. Unfortunately, that's not a feasible business model for casino resorts.

Could the same thing happen to Las Vegas? Well, sure it could. It's just not likely. California is never going to allow LA to have casino gambling. It's just not going to happen. Not to mention that LA has earthquakes. And Phoenix? how would they ever be able to draw crowds away from the already established Las Vegas? So no, Vegas is in no danger any time soon of being wrecked by competition as AC has been.  In any case, one has to be a pretty shallow and uninformed "thinker" (it really HAS to be in quotes, because the term is being used almost ironically) try and blame the failure of Atlantic City casinos on President Obama.

As sad as it is that people are losing their jobs because of closing casinos, it's almost comical watching people who haven't got a clue blame President Obama for it.  Yes, the slow economy does have some impact. but the major reason for the Casinos failing in AC is something entirely different. I know, I know - don't bother you with the facts, right? But the REAL reason that AC Casinos are struggling is competition.  Atlantic City was never Vegas. Vegas is a world unto itself. Yes, they make huge fortunes on casino gambling, but it's more than that - it's the atmosphere and the entertainment as well. Atlantic City never captured that same kind of atmosphere of seemingly entering a different world. If you've never been to both places, it's hard to understand what I'm talking about. But the straw that broke the camel's back  - that Vegas doesn't have to concern themselves with - is nearby competition.  People fly in from all over the world to see Vegas. Atlantic City doesn't have that kind of draw, and never has. Then there's location - look at Vegas on the map. Where are the closest major cities? Los Angeles and Phoenix - both of which are at least a 6 hour drive from Vegas.  AC is an hour from Philly and an hour and a half from NYC.  When they opened up casino gambling in AC, that was actually an advantage - a draw. If you come to Philly, you can gamble in AC. Same for NY. And if you come to AC, you're that close to the history of Philly and the night life of NYC.  It was complementary.

When the casino makes no profit two years after its grand opening, that should be enough warning for all the workers.

Casino industry has mature quite a bit, competition will kill profit margin and wipe out inefficiently run casino.

This.

Also, Atlantic City is pretty ghetto and doesn't have any other entertainment besides gambling unlike Vegas

I have been hearing about the gambling sectors winding down a bit
Sucks to see jobs lost but that's the economy.
That said think Atlantic and other gambling locales are trying to diversify away anyways so it might be interesting to see what happens in the long run.

How is *pure opinion*, i.e. your post, any more constructive? 

"This idiot is...", "It's sad really when...", "I feel bad for...", "It's a sad time when...", "...hopefully..."

And your signature advertises a casino, too.   

Although, I'm not sure what he was trying to say, either.   In any case, basing a career upon gambling (whether you're with or against the house) probably isn't the smartest idea.   It's a market that functions vastly different than, say, retail markets.

By definition, gambling is risky business, so working in a casino should be risky too. I knew one guy working at a casino, and he wasn't working all year round. He was working a lot during summer months, but he had nothing to do in low months like November and February. With so much gambling moving online, nobody should be surprised to see some casinos closing. Then, it should be depressing to work in a casino. You see people loosing money everyday!

A large part of the casino employees will move to other cities (where there is a boom in gambling) and gain employment in the local casinos. 5,000 is not a big number. Anyway they will be receiving generous retirement benefits. Even if they are not able to gain employment, the benefits will sustain them for several months, if not years.