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
At the risk of sounding redundant, would an official from Ulster who is swooning at the thought that a casino is going to be placed along route 209, kindly go check out the Turning Stone Casino upstate and make note of its proximity to the NY state thruway, also check out Foxwoods and Mohegan Sun and make note of the new super highway created to expressly run behind both of them, Boston’s casino junkies love it, so expedient. Maybe even travel so far to as note Atlantic City’s Philly, New York road connections, might as well include the helicopters, free limo, drink serving, free gaming chip, bus rides. Please calculate the time and distance it takes New York City pueblo dwellers to reach that unrecognizable steel pier location, and compare that to the time it take those nervously dreaming travelers to reach 209. You have arteries and you have veins, which one clogs first?
Shall I get on with the reports on life taking, stress occurring, headache, heartache disease that will personally strike your newly prostituted family members who attempt thievery before they see the light and surrender their uselessly destroyed depressed lives? I know that is nothing compared to the golden coins that will rain down from the nirvana heaven that occurs when minimum, exhausted, illegal wage earners recycle those same coins back to the greedy pockets that made it all possible.
At least Walmart doesn’t lobotomize and kill its shoppers.
Hein does not have a plan “B”. As soon as he saw it was in the shitter, he bailed on it. Think about it, Hein has been silent on anything related to the Casino since he said they should get rid of Treanor and he was reinstated. He is a weasel. He will tout his rail trails but there is nothing there and he knows it.
Hein and the Legislature are worthless.
Economic Development is a sham. Economists who specialize in economic development measure changes in the standard of living in low to mid income countries. Due to no one understanding economic growth in Ulster County or NY, we are fed this “economic development” line.
The only plan B any elected person in Ulster County has, is an increase in economic malpractice. The Executive and Legislature cannot even produce a budget on an Excel Spreadsheet.
I would suggest abandoning the outdated line item departmental budget, and substitute it with a system of performance measurement and outcome based budgeting. Abandon the 1% sales tax increase extension. Large purchases instantly become attractive in Ulster County without the additional 1% Sales Tax.
This is the concept of elasticity that the Executive and Legislature fail to comprehend.
The Ulster County Executive and Legislature could not pass a basic 200 level Microeconomics course.
Total revenue will increase, if a greater quantity demanded offsets the lower sales tax rate.