Casino arms race

[mindstalk.livejournal.com]

Article that I thought might be relevant, given the Everett thing. Seems likely that there's only so much gambling money to go around, and it's being divided up more and more. Hope the state doesn't end up having to bail out the new projects, which would seem to defeat the whole point.

http://www.newyorker.com/business/currency/americas-casino-saturation-problem

Comments

[somervilleguy.livejournal.com]

If this doesn't work out it will just be converted to elderly housing with a really nice gaming room.

[achinhibitor.livejournal.com]

Fortunately, the state has no commitment to bail them out. Of course, there will be political pressure to "save the jobs" (especially if they're unionized). But the bail-out will most likely be to reduce the compensation they have to pay to the state. The ugly case will be if they're slated to pay off infrastructure improvements but then don't have the income to do so. The state will be out that money.

[keithn.livejournal.com]

I seriously doubt Everett will ever have a problem since it's right in the middle of a metro area containing 4.7 million people, and by law, it will always be the closest casino for Boston area residents in the state. Atlantic City is (was?) a destination city and doesn't have a population of its own to sustain all of the casinos it has, so when casinos were built all over the northeast people had a closer option than Atlantic City. That will never happen with the Everett casino since it's already in the back yard of almost 5 million people. It's apples and oranges.