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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. 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. If the constitutional amendment goes down to defeat, casino advocates and their adversaries will have two years to sharpen their game plans, influence lawmakers in crafting a new law, and commission the truly comprehensive studies that New Jersey voters will likely insist upon....
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. 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. So far over million has been spent by both sides to earn hearts and minds at the ballot box, and if you look at the most scientific of polls (Monmouth in June and Rutgers-Eagleton in Nov....
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it is no wonder as they were all done by South Jersey interests,” said Ron Simoncini, Executive Director for the North Jersey Gaming Advocates. 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....
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).One of the adverts begins with a nightmarish fog of images and music with a voice-over telling viewers about the loss of 3,000 jobs along with the closure of Taj Mahal....
