The gambling industry in the state of New Jersey experienced a lot of setbacks during the previous year and now, everybody is eager to get an answer to the question when an improvement will be reported and is New Jersey ready to face new challenges and bring its former glory back?
Atlantic City used to compete with Las Vegas and generate huge revenues but during 2014 there were a lot of issues and as a result, four casinos closed doors and a fifth one was about to file for bankruptcy by the end of the year but, luckily, escaped closure at least for now.
Apart from causing economy issues, the closed casinos left almost 8,000 unemployed. Meanwhile, the state of Pennsylvania declared that it is enthusiastic to becoming as appealing gambling destination as Atlantic City.
However, both New Jersey and Pennsylvania are about to have a tough competitor as the state of Maryland is up to have its gambling industry expanded.
What makes Pennsylvania gambling sector different from the New Jersey’s is the fact that Pennsylvania authorities give a nod to venues to be built in populated areas. Unlike Pennsylvania, New Jersey authorities are blamed for choosing casino locations that are not in the vicinity of populated centers.
In order to avoid further deterioration, New Jersey officials decided to provide the casinos with tax relief for the next 15 years.
Mayor Don Guardian has decided to concentrate all his efforts on remedying the complicated situation.
However, the Mayor was accused of being uninterested and unwilling to take wholeheartedly the issues of Atlantic City.
Nevertheless, it looks like 2015 will be better than the previous one and the eight remaining casinos are believed to have better chances of making a profit. One of the most popular poker platforms – PokerStars, is about to enter the New Jersey gambling market.
Apparently, 2015 is going to be eventful as residents are to be allowed to decide on whether the gambling market will be expanded outside Atlantic City or not.
Tony Rodio, the President of the Tropicana Casino and Resort said that “the worst is behind us” but according to him, the tax affairs deserve serious consideration as well.
Kevin Ortzman, the President of the Casino Association commented that the previous year was difficult but all changes that have happened would be beneficial to state’s well being.
As a matter of fact, the eight remaining casinos saw the light at the end of the tunnel by the end of 2014. They reported a slight increase in revenues, compared to the numbers back in 2013.
