Those of you who think legalized gamblin’ will mean the end of budget shortfalls and will provide lots of jobs and other economic benefits might want to rethink. Las Vegas of the East has experienced a sharp decline in its fortunes in the last four or five years.
Four years ago, some Atlantic City casino customers were shelling out $1,000 for a brownie sprinkled with edible gold dust in a Baccarat crystal they could take home.
Nowadays, some wait until 11 p.m. to eat so they can get a steak dinner for $2.99.
Atlantic City has seen its position erode not only because of the economy, but from increased competition in neighboring locales. People voted with their feet for other options for a variety of reasons that left Atlantic City wondering what to do next.
The upshot is that what was once a sure bet for generating piles of cash has run its course and a city that once had all that cash finds itself with a $1.5 billion hole in its revenue.
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