In New York, casino bidders answer for Atlantic City

Laura Nahmias

ALBANY—For two days, dark-suited casino industry executives gathered in a conference room in the subterranean concourse at the state Capitol, pitching their plans for multi-million dollar gambling resorts to a panel in charge of deciding which of them will become the state’s first full-scale casino operators.

But the selection process played out against a backdrop of escalating misery in the regional casino industry. In neighboring New Jersey, three casinos have already closed this year. Another is scheduled to close next week and a fifth, the Trump Taj Mahal, is set to close in November after its parent company filed for bankruptcy on Tuesday.

New Jersey's casino revenue has plummeted in recent years, falling from $5.2 billion in 2006 to $2.86 billion in 2013. The closures will mean a loss of 6,000 jobs and have created a massive problem for Governor Chris Christie, who has proposed, in a reversal of his prior position, that the state allow casinos outside of Atlantic City. On Monday, he proposed that New Jersey overturn its laws outlawing sports betting statewide.

http://www.capitalnewyork.com/article/albany/2014/09/8552224/new-york-casino-bidders-answer-atlantic-city