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On Sun, 09 Aug 2015 10:12:44 -0500, Califbill billnews wrote:
wrote: On Sat, 08 Aug 2015 20:23:31 -0400, "Mr. Luddite" wrote: Have to admit though, Trump's places in Atlantic City were impressive when they were in their prime. One of my stops on the way to Florida with the boat was the Trump Marina/Casino. I don't particularly care for those places though. Gives me a creepy feeling watching all the retired people blowing their money trying to hit it big. I was in AC real early in the gambling game. The guys spent a night at Ballys and moved enough chips to get a couple of rooms comped. Although I broke about even Bally lost money on us. We also decided to see what was outside the casino. I knew then that this was a doomed "rejuvenation" of that slum city. As soon as you walked out of the casino, the place was a **** hole and there were not many people even adventuring outside. I was in AC in the early 80's. You were definitely correct about built in failure. Growing up and visiting Reno often as a kid. Dad liked to gamble, mom watched shows, the overall town was clean, not a nasty, dangerous slum looking area next to the casinos. I think the main reason why New Jersey could not duplicate the success of Nevada was because gambling was suddenly everywhere and they started with a large built in population of welfare addicted poor people. In the late 40s and early 50s, Nevada was sparsely populated and the people who came , came there for the casino business. If they couldn't make it, they moved back where they came from. The slums in AC were already there and they had more low skill people than they had jobs for. The senior management came in with the casino companies and sent most of the money back out of state. I see it as being similar to the "spring training baseball" scam the northern clubs have foisted off on southern towns. The promised jobs bonanza and economic stimulus never seems to bear fruit. A few rich people get a little richer but little of it trickles down to the community. Trump was just a metaphor for the rest of the carpet baggers who swooped into AC, made a lot of money and left scorched earth behind when they bailed out. If the world was fair, the lenders could have clawed back some of those profits in the bankruptcy but the accountants and lawyers managed to isolate the money he took away from the assets he left behind. |
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