Skimming through news reports today I came across this article from NJ.com talking about how the gambling industry in New Jersey has been hit hard by the economic downturn over the last 4 years. Yet now to fix the problem they're deregulating some of the previous regulations.
"ATLANTIC CITY, N.J. (AP) — In just four years, the nation's second- largest gambling market has lost nearly a third of its business.
Year-end figures released Monday show Atlantic City's casinos took in $3.6 billion in 2010, down from $5.2 billion in 2006, a decline of nearly 31 percent. The yearly decline was 9.6 percent, marking the fourth year in a row that New Jersey's casinos took in less than the year before.
But the big difference this year is that New Jersey lawmakers are preparing radical surgery for the ailing patient. Key parts of Gov. Chris Christie's Atlantic City turnaround plan were approved Monday night in the state Assembly, offering hope that 2011 might be the year in which the bleeding finally stops. A Senate vote was scheduled immediately afterward.
hey include a state-run tourism district in the casino zone and less regulation for the 11 gambling halls."
Wasn't it the deregulation of Wall Street and the Banking industry that brought the whole financial system to it's knees in 2008?
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