The Economy in AC

http://money.aol.com/news/articles/_a/bbdp/more-bad-news-likely-in-store-for-ac/241985
For the first nine months of the year, Atlantic City casinos won $3.6 billion, down 6.3 percent from the same period in 2007.

Poor casino's only won 3.6 billion so far this year. Down 6.3, what they don't say is that since Borgata opened they went up at least 6.3 in revenue. I'll contribute the slow down to a mix of things. One, they are now building slot parlors and casinos in all neighboring states including Pennsylvania, Delaware, Maryland, and New York where most of the day visitors come from. Of course to plan for this the city did nothing but put together a smoking ban that launched this past month. This smoking ban single handedly decreased revenues by such a tremendous amount that all the employees that were for it ran into a city counsel meeting and had it changed so they could keep their jobs. Of course the overall economy effects the ability for new developers to borrow to finish a project like Pinnacle. Ironically enough the straw that broke Pinnacle's back was not revenue or money, but a Porn shop on the corner of Pacific ave is holding out and asking about 8 million? or so for it to leave. Pinnacle's land acquisition team should have picked this up in phase one, not after acquiring and tearing down a casino and launching a multi million dollar ad campaign. Like everything else, everyone is very gloom and doom, that it is horrible and will never be better again. People are afraid, and when they have fear they don't spend... but they still spent 6.3 billion so far this year.
In the end Atlantic City will still be the only casino's on the beach in Atlantic City. They need to play up their nostalgia and keep the older buildings and stop tearing them down. If people want Vegas they will simply go to Vegas. There has been 400 layoffs at Borgata and I think about 200 of them are dealers? My brother just missed the cut and kept his job. They have moved some people to different shifts and have mostly kept people based on seniority as the union would demand. None the less, they seem to now be leaning on the people they kept to fill the time. This simply means they can't get days off like they use to before. What this tells me is that they could have afforded to keep a few employees, but used this opportunity to slim down once in case it gets more slim in the near future. The management of this monster company is very wise, hence their massive success and still remaining success.
There is no doubt business is down and it is down for everyone. It is also November and people are scared to death of the outcome from this election. World safety and homeland security are now back on the table and everyone has interest in making sure this newly elected president is going to know what to do, now that the tele-promters are off and he can no longer compare his opponents to George Bush for a favorable result.
Overall Real Estate in AC has leveled off but remains stable in it's decline. Riskier neighborhoods and investment property areas are sitting stagnant while people still buy up the good neighborhoods when the prices are right. Everyone is making a lot less, they then again, we just spent four years making a lot more then we should have. Those who have lived outside of their means are paying the price as we speak, those who were humble are still being thankful for this recent past boom. Those with adjustable rates are pointing the finger and being victims, those with fixed low rates are grunting it out as the strong people do here in South Jersey, while awaiting a real estate turn around to secure their future.
To all the self proclaimed wise men who pushed me into 401k's, Stocks, Bonds, Mutual's, Retirement accounts, etc... I never bought any of it. The bottom dropped out! But now I'm seriously considering buying in because buying at the bottom is always a good idea. Good night and God bless America!