Despite what you may have seen on the Jersey Shore, ‘GTL’-ing [gym, tanning, and laundry] is not the only pastime of New Jersey residents. I was unable to locate any supportive statistics but I do believe that most adults in the area thoroughly enjoy Atlantic City’s casinos. Although it is considered to be detrimental to the gambler’s health and can be harmful to those involved with the individual, gambling has been found to yield some positives outcomes.
According to online author Taylor Fergus, gambling it often boosts the economy by creating new jobs and attracting tourists from outside the area. Also, the high taxes taken from gambling can help relieve a struggling county and increasing tax revenue from gambling can also lower state taxes. Living thirty-minutes from the mini-sin city has definitely made me into an advocate of the casino industry. I was very pleased to come across the fox article entitled ‘Casino Plans Sprout in US as States Seek Revenue.’
Evidently New York’s Governor Andrew Cuomo is supporting plans to turn the Aqueduct horse track outside of New York City into a $4 billion convention center and casino. Arrangements to build the casino where discussed after several north-east states such as Pennsylvania and Massachusetts decided to establish new casinos of their own in attempt to increase state revenue. New York is known to have some successful establishments in the western region but I am sure the Genting Group (the Malaysian company building the new casino in NY) has also considered the risk in such an investment.
As the article points out, some states experience periods of time in which profits are drastically low. There is always a chance that the casino will actually lose money and/or have a negative impact on its local population. There is a correlation between cities that legalize gambling and an increase of crime. It is also no secret that gambling is addictive and leads many people into bankruptcy. My dad is the general manager at a casino in Seneca, NY and he is constantly advising me to stay away from gambling because of the loss and misery he sees on a daily basis. Despite his warnings, I can’t help but visit Atlantic City on my trips out.
There is almost something nostalgic to it. I have spent numerous twenty-first birthdays there, had many good nights with old friends on the casino floor, and have experience my fair share of small fortunes from the slot machines. Although it is not necessarily viewed as a positive form of leisure, I think many men and women will thoroughly enjoy this new NY establishment. Gambling aside, most casinos also introduce shops, restaurants and entertainment attractions to its surrounding areas. I think a lot of investors understand there is going to be good with the bad when it comes to the casino industry but from a personal stand point I’m a fan.
