..

Atlantic City Casino Reform, Internet Gambling Won’t Work Claims Moody’s

Written by:
Aaron Goldstein
Published on:
Nov/29/2010
Atlantic City

Atlantic City, the US second biggest legalized gambling destination, is in serious trouble these days and desperate.  That was highlighted a few weeks ago when Atlantic City's casinos reported a take of 12.3 percent less from gamblers in October than they did a year ago.  AC has seen declines for the past four years. 

New Jersey legislators are considering measures that would drastically reform the struggling gambling Mecca. Such legislation would allow smaller boutique-style casinos with a minimum of 200 rooms to encourage new development. Lawmakers are also considering bills to legalize sports betting and online gambling, including poker, based from servers inside Atlantic City casinos.

Wall Street ratings firm Moody’s says gaming revenue will simply go “in one poker and out the other.”

To me, doing nothing is not an option,” said state Sen. Jim Whelan, D-Atlantic. “Atlantic City needs new product for the tourism, entertainment and gaming industry. If you don’t give the public new product, you’ll continue to slide backwards.”

Moody’s, however, claims that the smaller casinos would just serve to cannibalize business from existing operators while Internet gambling would ignite “a casino arms race” with competitors in neighboring states.  They also suggest that a federal ban on Internet gambling will make legalization in the state difficult. 

“If the proposals survive legal challenges, we do not believe neighboring states would sit still,” the report said. “New York, Pennsylvania and Maryland are likely to embark on a casino arms race, moving to legalize both sports betting and Internet gambling as a way to protect operators such as Yonkers Racing Corp. in New York and Mohegan Tribal Gaming Authority in Pennsylvania.”

The report added:

“We do not believe Internet gambling and sports betting will grow the overall market because consumers will continue to feel pressure from economic forces such as high unemployment for some time,” the report said. “We expect revenue would go in one pocket and out the other as gaming companies use different forms of gambling to vie for the same customer base.”

- Aaron Goldstein, Gambling911.com

Business/Financial News

Costa Rica Hydro Plant Gets New Lease on Life From Crypto Mining

Costa Rica Hydro Plant Gets New Lease on Life From Crypto Mining

A small river in the middle of coffee plantations, sugar cane fields and a forest provides energy to a hydroelectric power plant in Costa Rica that feeds hundreds of computers wired up to the cryptocurrency mining business.

Ayre Tells Market Watch: "For Sure Bitcoin is a Ponzi Scheme"

Ayre Tells Market Watch: "For Sure Bitcoin is a Ponzi Scheme"

Calvin Ayre says Bitcoin SV is powered by a revolutionary technology that has many useful applications, while the digital currency most people know as Bitcoin is useless and a fraud.

Bloomberg: Bitcoin Death Cross Is Staring Down Bulls After a Painful Retreat

Bloomberg: Bitcoin Death Cross Is Staring Down Bulls After a Painful Retreat

Bloomberg warned of crypto being mired in a drawdown as the Fed readies a stimulus withdrawal and the IMF issued its latest warning on crypto risk to financial markets.

Pay Per Head Sportsbook Demo

Pay Per Head Sportsbook Demo

A pay per head sportsbook service allows people to become bookies and accept action on various sports.

BSV Blockchain Makes Lasting Impression at CES 2022: Who Knew Blockchains Could Scale

CES has always been a window into what the world of technology will look like down the line.  With this in mind, it shouldn't come as a big surprise that our friends representing the BSV Blockchain would make their way to Vegas this week to take full advantage of those seeking to incorporate blockchain technology into their own business platforms.

Syndicate