HowardAtlantic City and Las Vegas
July 26th 2010 21:08
Real Crash- Looking at Capitalism and its Laws:
Hey Bruce, any magic for Atlantic City?
The myth of money making and success of the gambling industry is now public in New Jersey. In what he calls a "bold and risky" move, New Jersey Governor Chris Christie is proposing that the state take over the Atlantic City casino district and turn the seedy gambling town into a "family resort" along the lines of Las Vegas. Christie also plans to privatize the Meadowlands horse-racing track and Izod sports center, and float a bond issue to save the nearby Xanadu mega-mall. Maybe Bruce Springsteen, with all his wild and free fantasies, can bailout Atlantic City instead.
The move to turn Atlantic City into "Las Vegas East" is apparently based upon a McKinsey & Co. report issued in June, on "Revitalizing Atlantic City." The McKinsey report notes that gambling accounts for 5% of the state's tax revenues, and that Atlantic City's gross gambling receipts fell by $1.1 billion from 2006 to 2009. According to McKinsey, Atlantic City needs to target demographic groups ranging from "young entertainment seekers" to "recreation-seeking," "gaming," and "wealthier boomers," to "family vacationers" and "recreation and scenery seekers." In other words, Dope Inc's money-laundering gambling center needs a bail out.
Las Vegas has already abandoned the concept of being a "family-friendly resort" in favor of a return to the more traditional gambling and hookers. "What happens in Vegas, stays in Vegas," is the new theme. Especially your money. Getting tired of bailing out the British Empire? Time for a Glass-Steagall reorganization of banking, with the speculative side left to hang out to dry. National credit back for national projects like the North American Water and Power Alliance project, NAWAPA. Ask the Geezer, I think he knows.
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Comment by S.L.
The Political Brief
Unfortunately, the current depression/recession/whatever that the B.O. (B.S.) administration is forcing on us, vacation activities are curtailed, costing income and employment to plummet in the places people go for fun.