jc456
Diamond Member
- Dec 18, 2013
- 138,955
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dude introducing facts isn't allowed in demofk land.So, what happened?
Wayne Weitz, managing director at restructuring firm Gavin/Salomonese, pointed out that part of the problem for Atlantic City is the proliferation of other casinos in the Northeast.
Pennsylvania, for example, granted five casino licenses in December 2006. Those locations have since opened and "Pennsylvania has passed New Jersey as the second [highest earning] casino state in the country," Weitz said. (First, of course, is Nevada, due to Sin City.)
Weitz also said that Atlantic City was once a "huge draw for New York [residents]," but now those fun-seekers are more likely to go to Foxwoods Resort Casino or Mohegan Sun in Connecticut.
For many in the Northeast, "you're not going to A.C. for the casino; you can get the casino elsewhere."
Timothy W. Walsh, partner at McDermott Will & Emery, echoed Weitz's comments.