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Should Atlantic City Close Land Casinos In Favor Of Online Ones?

Tuesday August 19,2014 : ONLINE INSTEAD OF BRICKS AND MORTAR AT ATLANTIC CITY?
 
 An interesting alternative from the New York Post.
 
With three Atlantic City land operators going to the wall this year and persistently declining revenues from the land gambling side, the New York Post suggested an innovative alternative this week...focus on internet and mobile gambling and shutter the land casinos.
 
The idea is not quite as tongue-in-cheek as it may appear; the newspaper outlines the billions that have been lost in trying to make a success of the bricks and mortar enterprises in AC as competition has mounted from new casinos in neighbouring states.
 
And, as New Jersey state Senator Ray Lesniak keeps reminding everyone, there is great potential for employment and taxes in creating an international online gambling bub in Atlantic City.
 
Opponents of such a revolutionary solution as shuttering land gambling will, however, point to the disappointingly slow take-off of legalised online gambling in the state since last November's launches, which have produced numbers that are not even close to the ambitious predictions last year of politicians and analysts.
 
The Post uses the soon-to-close Revel Casino to make a point on how much money has been lost, commenting that the $2.4 billion venture has received $261 million in state tax breaks and has still failed. It argues that the $261 million could have been spent paying $84,000 each to the 3,100 employees set to lose their jobs at the Revel.
 
To make matters worse, Deutsche Bank has predicted that the city will have only six casinos by 2017, the Post notes, observing that Atlantic City unemployment is high at 18 percent, and that median household income remains less than half of the rest of the state.
 
Attempts to introduce sports betting to boost the land gambling operations have failed after litigation and Governor Chris Christie vetoing the latest bill from the Legislature seeking to circumvent the federal PASPA

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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