Shocking: Gambling Takes a Hit During Tough Economic Times
Oh, And Someone Still Thinks Poker is a Fad
Straight from the mainstream press, the gambling industry has fallen on hard times, following the trend of…well…just about every other industry there is. According to Bloomberg, Atlantic City has seen a significant drop in revenue for the second year in a row. New casino projects are on hold or canceled, and thousands of casino employees in AC have lost their jobs.
In the article, one expert predicts that Atlantic City will continue to sink:
James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, said the casino industry is vital for the economy of southern New Jersey and for the tax revenue it generates.
â€œItâ€™s possible Atlantic City is past its peak,â€ said Hughes, who predicted the situation may worsen next year. â€œIt could never go back to its past glory. Itâ€™s a much tougher game now.â€
But another analyst predicts a recovery in 2010:
The U.S. gaming industry will â€œremain under significant pressure in 2009, with a recovery unlikely until 2010,â€ Michael Paladino, a Fitch Ratings analyst in New York, said in a Dec. 16 report.
In other news, the Wall Street Journal reported that gambling in general is in a downward spiral that will never be the same. *Insert Debbie Downer sound here.* In fact, one survey specialist
who clearly doesn’t follow poker trends at the University of Pennsylvania thinks that A) poker is a fad, and B) it has peaked.
Meanwhile, despite the fact that ESPN’s poker-tournament coverage has become ensconced in the culture, card-playing for money among college-age youth declined in 2007 for the first time, according to a survey by the Annenberg Public Policy Center of the University of Pennsylvania. “The fad has peaked,” survey director Dan Romer said.
Ummm, Mr. Romer, please note that that ESPN card-playing thingie to which you referred enjoyed its most righteous numbers ever just last month. Methinks we need another survey.