Remember how introducing gambling to Atlantic City, New Jersey, was going to revitalize that down-at-the-heels community, using eminent domain when necessary? Sure you do. But it didn’t happen, did it? Sure, at first there as a flurry of new shoreline casinos, but that didn’t do much for the rest of the city. After an initial flurry, competition from Indian casinos and casinos in nearby states kicked in, and casino profits declined around 25%. Online casinos, as reported on this site, have also become extremely popular. This has contributed to the downfall of the traditional casino. In 2003, a new casino, Revel, was proposed and the state government ponied up $261 million to help it along. Now, Revel is in bankruptcy. And so it goes.
For the whole story, see Kate Zernike, Casinos Ailing, New Jersey Tries New Ways to Bet, N.Y. Times, Feb. 28, 2013, at p. A21 — click here .