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Friday, August 15, 2014

Odds are, the casino market is reaching saturation point

Telegraph Editorial

Cautionary winds continue to blow through the casino gambling industry.

This week the Revel Casino Hotel, Atlantic city’s newest and most lavish casino, announced it will close in September after it could not find a buyer for the $2.4 billion facility. Four of the city’s casinos – it used to have a dozen – have already or are about to close. ...

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Cautionary winds continue to blow through the casino gambling industry.

This week the Revel Casino Hotel, Atlantic city’s newest and most lavish casino, announced it will close in September after it could not find a buyer for the $2.4 billion facility. Four of the city’s casinos – it used to have a dozen – have already or are about to close.

It is yet further evidence that the Northeast casino gambling market is reaching a saturation point. With increased competition from New York and Pennsylvania casinos, the Revel’s failure is an indication that even the brightest, shiniest, most opulent facility cannot draw new bettors into a contracting market.

While calls to build a casino in New Hampshire don’t anticipate pulling customers in from the mid-Atlantic states, regional casinos are already established in Connecticut, Rhode Island and Maine, and Massachusetts is close behind with as many as three.

Before lawmakers get serious about pushing another casino plan for New Hampshire, the first order of business should be to authorize an independent economic analysis to ensure a casino is economically viable and, if so, how big should it be and where should it be built.