Atlantic City

donaldtrumphair.jpgWell. That was fast. Only minutes after we posted our story calling for revolution in New Jersey, state leaders were reported to have forged a deal that will narrow the budget gap and raise the sales tax. This should clear the way for the furloughed state employees, including casino inspectors, to return to work. The casinos have said they can be open within a matter of hours once the inspectors are back on the job.
That sound you hear is Donald Trump’s hair breathing a sigh of relief.
New Jersey leaders reach deal on state budget [Associated Press in Crain’s]

Atlantic City’s Casinos Still Shuttered

wheel.jpgExactly how long does the state of New Jersey expect that we will wait for the right to throw away our money gambling in Atlantic City? Roulette or revolution now!
Why are those casinos shut down in the first place? It’s something to do with taxes. Someone wants to raise them. Someone else thinks they’re high enough already, thank you.
Oh, right. It’s because the casino inspectors are government employees, and without a tax hike the government cannot afford to pay them. Except that, according to this Motley Fool article, the government doesn’t pay them. The casinos do.

But now, Atlantic City’s critical gaming industry has been temporarily crippled by a government that lacks the funds to pay employees like casino inspectors — which is comedically ironic, since the casinos themselves pay these workers’ salaries in the first place.
Let me get this straight: New Jersey is a few billion short of making ends meet, so the state must furlough casino regulators (who are on the casinos’ payrolls), thereby pulling the plug on the one industry that it depends on most. That makes sense.

Atlantic City’s Losing Streak
[The Motley Fool]

Atlantic City Gets Shut Down

In high school we had a math teacher who spent every weekend in Atlantic City. He had a system, you see. It was going to make him rich one day. It never did, of course, and when he retired from teaching he also retired from gambling.
“Those guys never lose,” he told us.
So here’s to you, Mr. Ritchie. Today is your day. The day New Jersey governor Jon Corzine shut down the casinos. Losses are expected to be top $20 million for every day the casinos remain closed.
Atlantic City casino losses seen at $20 mln a day [Reuters]