Here is some food for thought from two articles published yesterday:
New York Post – June 19, 2014
Bankrupt Revel casino warns it might close down this summer
In warning letters given to employees and obtained by The Associated Press, Atlantic City’s Revel Casino Hotel said it is seeking a buyer for the struggling $2.4 billion casino, but can’t guarantee one will be found. If not, employees could be terminated as soon as Aug. 18, Revel said in the letter.
Shortly after distributing the letters, Revel filed a Chapter 11 petition in federal bankruptcy court, its second in as many years.
The Wall Street Journal – June 19, 2014
Casino Boom Pinches Northeastern States
More casinos have opened in the Northeast over the past decade than in any other part of the country, and the expansion is causing upheaval in the region. States that adopted gambling earlier than their neighbors, such as Delaware, New Jersey and West Virginia, are watching dollars drain away, and new projects have some wondering how many facilities the area can support.
A recent Fitch Ratings report said the Northeastern market “is reaching a saturation point.“
If a Nevele Casino never happens, or fizzles out in a few years, what’s the plan B for Ulster County’s economic development?
– Jon Dogar-Marinesco