January 19, 2014
Las Vegas, Atlantic City In Jeopardy From Online Gambling, Casino Expansion in Other States
[From article]
Las Vegas real estate prices remaining depressed, casinos opening up all around the country and online gambling legislation underway in various states, it seems as if the reasons for the very existence of Atlantic City and Las Vegas are in serious jeopardy.
[. . .]
However in the late 1980s, a landmark ruling considered Native-American reservations to be sovereign entities not bound by state law. It was the first potential threat to the iron grip Atlantic City and Vegas had on the gambling and entertainment industry.
[. . .]
As of 2013, racinos are legal in ten states: Delaware, Louisiana, Maine, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, and West Virginia
Tracks like Delaware Park and West Virginia's Mountaineer Park, once considered places where local degenerates bet on broken-down nags in claiming races, are now among the wealthiest tracks around, with the best races.
The famous Aqueduct race track in Queens, NY, once facing an uncertain future, now possesses the most profitable casino in the United States.
[. . .]
Time will tell if these two cities will end up like Detroit. However, the fact that they are losing their biggest industries to major competition, much like Detroit did, with depressed housing, casinos bankrupting/closing and businesses fleeing, makes their fate seem eerily similar.
http://www.myfoxny.com/story/24280415/the-next-detroit-atlantic-city-and-las-vegas-facing-catastrophic-collapse
The next Detroit? Atlantic City and Las Vegas facing catastrophic collapse
Posted: Dec 21, 2013 5:04 PM EST Saturday, December 21, 2013 5:04 PM EST
Updated: Sunday, December 22, 2013 3:42 PM EST
By Israel Joffe, Web Producer -
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