Legalized gambling is something that has taken a long time to come to fruition and now it may be close enough to actually happen. Gambling is a huge business for the economies that are using it.
It brings in billions of dollars every year an that means that it is a powerful hobby that legislators are working with. The entire gambling industry took a hit though thanks to the recent recession about 11 years ago and it is first now coming out of the problematic era. Nothing is like it once was in terms of where gambling is the most prevalent.
Las Vegas and Atlantic City both took a big hit because both cities built their entire economies up on gambling. Once it was gone, they suddenly had to come up with other ways of generating cash.
With no secondary economy set up, both cities were hampered greatly. They had to come up with alternative ways but had very few options. Now that the recession is over, they are still trying to bring in new customers. Their operators are coming up with promotions, but they aren’t working as well as hoped.
Las Vegas is fairing much better though. Atlantic City is struggling and even had to go through three major layoffs in recent years. The struggle though means an open door for other areas to move in on the market. That is exactly what New York Governor Andrew Cuomo is doing.
Cuomo just announced that he is fully behind building a state of the art gaming center. The move is in response to the struggling New Jersey market. If New York can get set up with exemplary gaming, they can ‘steal’ the customers who normally would have gone to New Jersey’s Atlantic City for their fun.
This is a great way to keep on building, but not without controversy. Remember that not everyone is in favor of gambling and it also is going to open the door for more competition. That may not be completely a ‘bad thing’ though. The future is going to showcase how things play out and what markets truly win in the end.