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Snake eyes: Fitch cuts estimate
for NJ online gambling revenue

Associated Press, by Staff

Original Article

Posted By:Ribicon, 7/16/2014 9:54:17 AM

A Wall Street credit rating firm that was among the most pessimistic about the prospects for Internet gambling in New Jersey has cut its already-conservative estimate on the state´s first-year online winnings by more than half. Tuesday´s move by Fitch Ratings comes a day after New Jersey reported a third straight monthly decline in the amount of money won by the state´s Internet betting operations, partnered with Atlantic City casinos. (Snip) That prompted Fitch to cut its estimate of New Jersey´s 2014 Internet winnings to $120 million to $130 million, down from the $200 million to $300 million it had

Comments:
New Jersey has mind-boggling government overhead and retiree benefits to fund. Gambling´s proving to be an unreliable revenue source during the Endless Summer of Recovery, so are legalized prostitution and marijuana too far a stretch?

      


Post Reply  

Reply 1 - Posted by: Mobyclik, 7/16/2014 10:07:59 AM     (No. 9927094)

Well, after the Mob, the unions and the crooked politicians took their cuts, of course there were less ´profits´ to report. These payouts should have been factored in in the first place. It´s Joisey.

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Reply 2 - Posted by: civilservant, 7/16/2014 10:14:19 AM     (No. 9927102)

There are two periods in AC history post gambling:
When there WAS Mob involvement
When there was NO Mob involvement.
Take a guess when AC was both profitable AND safe.


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Reply 3 - Posted by: Jerseyden, 7/16/2014 10:51:07 AM     (No. 9927156)

Only chance AC has is to allow sports betting , but until the Feds change the law they are stuck in a no win situation.

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Reply 4 - Posted by: jglas, 7/16/2014 11:59:24 AM     (No. 9927257)

Gee it´s almost as though there was a depression or something and nobody had any money.

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Reply 5 - Posted by: LC Chihuahua, 7/16/2014 12:06:53 PM     (No. 9927276)

NJ just crapped out. Sorry...

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