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Gambling on Recovery

5:26 PM, Jul 18, 2014 • By GEOFFREY NORMAN
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Some jobs depend on there being lots of jobs and people having a little disposable income to blow on things like … well, the slots. Which is why, in Atlantic City, as Terrence Dopp of Bloomberg reports:

About a quarter of the casino jobs that propped up the city for more than three decades are on the line as one gambling house closed in January, two more plan to in the next two months and a fourth -- the $2.4 billion Revel that promised to transform the town from a bastion of blue-haired slots addicts into a destination for the glitterati -- is seeking a buyer in bankruptcy.

Dopp quotes a boardwalk vendor named Mohammad Haroon who says:

“We’re going to go back to what it was like in 1976 before there were any casinos … This was a ghost town. Nobody was here. The casinos came; then the people came. We made a lot of money in the high times. But no one’s coming anymore.”

And, of course, governments depend on revenues from gambling.  Tough all over.  

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