{"id":33093,"date":"2015-12-02T14:26:11","date_gmt":"2015-12-02T22:26:11","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=33093"},"modified":"2015-12-02T14:28:22","modified_gmt":"2015-12-02T22:28:22","slug":"atlantic-city-casinos-more-to-close-predicts-moodys","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/atlantic-city-casinos-more-to-close-predicts-moodys\/","title":{"rendered":"Atlantic City Casinos: More to Close Predicts Moody\u2019s"},"content":{"rendered":"
\"New
The Taj, one of the casinos Moody\u2019s considers to be \u201con the brink,\u201d as it predicts more closures. (Image: Wikipedia.org)<\/figcaption><\/figure>\n

Atlantic City\u2019s casinos may have reported that profits were up 55.9 percent in Q3 this year, but Moody\u2019s Investment Service has warned that they shouldn\u2019t get too excited just yet.<\/p>\n

In fact, Moody\u2019s has secreted a certain bodily byproduct all over New Jersey\u2019s explosive pyrotechnic devices this week by declaring that it forsees more Atlantic City casino closures in its crystal ball.\u00a0 \u00a0<\/span><\/p>\n

The upturn does not suggest that Atlantic City is bouncing back, but is more likely a reflection of the fact that four casinos closed last year, boosting revenues for those that remain, suggests Moody\u2019s, moodily.<\/p>\n

On the Brink<\/b><\/h2>\n

In the meantime, three casinos remain “on the brink”: the\u00a0Trump Taj Mahal, Caesars and Bally’s, which have recently filed for Chapter 11 bankruptcy protection.<\/p>\n

“As the number of casinos shrink, some of the remaining casinos have seen revenues increase, but we expect increased competition will keep the heat on incumbents, and that number of casinos in Atlantic City will likely continue to shrink,” said Moody’s, in a report on the gaming industry, released this week.<\/p>\n

\n

“We expect more casino closures to occur in Atlantic City as some struggle to grow their business and face additional competition,” stated the report.<\/strong><\/p>\n<\/blockquote>\n

The additional competition comes, of course, from Pennsylvania \u2013 which has superseded New Jersey as the second biggest casino market in the US, after Nevada \u2013 as well as New York, Massachusetts, Pennsylvania and Maryland.<\/p>\n

In all, eight casinos are set to open in these neighboring states by the end of 2018, driving footfall away from Atlantic City<\/a>, and Moody\u2019s fears the worst.<\/p>\n

If only we could get an investment analyst with a more optimistic sounding name.<\/p>\n

Bad Santa<\/b><\/h2>\n

In other New Jersey<\/a> news, the state\u2019s lottery commission has launched a campaign urging residents to be wary of stuffing children\u2019s stockings with lottery tickets over the holidays.<\/p>\n

Yes, this is actually thing. A thing that people do. Parents. Not Santa Claus. He wouldn\u2019t do that.<\/p>\n

It\u2019s not illegal to stuff your kids\u2019 stockings with lottery tickets in New Jersey, apparently. While it is prohibited for anyone under 18 to participate in the lottery, minors are still able to win because state law allows for winnings to be set aside until a player turns 18.<\/p>\n

When you consider the lengths the New Jersey Division of Gaming Enforcement has taken to fight underage gambling in relation to its licensees, and how crucial this is to the survival of the state\u2019s online gambling industry, one might consider the lottery commission\u2019s stance here to be a little ill-advised.<\/p>\n

\u201cResponsible\u201d Lottery-ticket-stocking-stuffing<\/b><\/h2>\n

\u201cWe encourage selling lottery tickets throughout the state as much as possible, to the widest variety of people,\u201d Carole Hedinger, executive director of the lottery commission, reassured us at a press conference this week.<\/p>\n

\u201cBut not to children,\u201d she frowned, \u201cand not to create a problem,\u201d she added, frowning harder.<\/p>\n

And the distinction between responsible lottery-ticket-stocking-stuffing and irresponsible lottery-ticket-stocking-stuffing is\u2026?<\/p>\n

\u201cIf you give a gift of a lottery ticket to someone that\u2019s (sic) underage, it ought to come with a message of what the risks are in gaming, but what also could be, sometimes, the rewards,\u201d explained Hedinger, falteringly.<\/p>\n

This strict regulatory message might just suck the joy out of Christmas morning, so maybe we\u2019ll stick to My Little Ponies and My Friend Freddies for our little cherubs instead.<\/p>\n","protected":false},"excerpt":{"rendered":"

Atlantic City\u2019s casinos may have reported that profits were up 55.9 percent in Q3 this year, but Moody\u2019s Investment Service has warned that they shouldn\u2019t get too excited just yet. In fact, Moody\u2019s has secreted a certain bodily byproduct all over New Jersey\u2019s explosive pyrotechnic devices this week by declaring that it forsees more Atlantic […]<\/p>\n","protected":false},"author":42,"featured_media":33094,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nAtlantic City Casinos: More to Close Predicts Moody\u2019s<\/title>\n<meta name=\"description\" content=\"Moody\u2019s warns of more New Jersey casino closures, while the lottery commission urges to be responsible over the holidays. 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