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Things Are Not Looking Good

Moody’s Investors Service is not giving Atlantic City, New Jersey any kind of information that they want to hear. In fact, all they are doing is nailing the coffin shut a little more. They say that the outlook for the city is not good, especially with neighboring Pennsylvania now making the decision to add table games to their slot machine offerings.

This does not bode well for the casinos they report, as the industry was already suffering. They say that it was bad enough when they were hemorrhaging slot machine revenues to other states, but at least they still had their table games to use as a draw. But Moody’s says that without that they are now going to lose a lot more.

They said that their “credit profile” was already on the down swing with the slot machines coming in around them, but that this latest development makes it even tougher for them to rebound. Moody’s Senior Vice President Keith Foley said that the slot machines had hurt the profiles of the casinos in AC already, and that this would simply make it worse for them and harder for them to compete for gambling dollars.

Some within the slot machine industry think that Atlantic City will see a resurgence this summer as people choose to go to the beach to play the slot machines and to vacation. They say that these other states might be able to offer that to their clients but they won’t be able to offer them table games as well. They say that in as far as Pennsylvania goes, they don’t have a beach and if you are taking a summer vacation you are not going to take it somewhere where your children can’t play in the water.

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