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Luck May Not Save the Casino Industry
Cyclone, twisters, labor lock outs and sobering site of a parking collapse made headlines locally and even around the world, but there is one thing that never ceases and that is the operation of casinos. This time, it is a different story; casinos are in the middle of statewide government shutdown.
For the first time, twelve casinos in New Jersey will stop taking bets and this are considered as a major disaster that the state itself had created.
The hotel casinos which have 46,000 employees and attracts millions of vacationers and players each year will remain open, but the gambling aficionados will not have the chance to enjoy and play the slot machines, blackjack tables, horse racing or the roulette wheels. The casino games will halt their operation at eight a.m.
The state leaders were not able to pass a new budget by the July 1 deadline. Governor Jon S. Corzine ordered all non essential local state operations stopped and all road construction projects, state agencies and New Jersey casinos will stop operation.
The casino operations cannot continue operations without the casino inspectors who keep tabs on the collection and certification of the money won by the casinos. The casino inspectors are the ones that ensure that the casinos give the eight percent fair share of the revenues to the state.
The casinos have a $1.1 billion payroll and spend billions more to ensure the good services they provide to customers and clients. Casinos contribute a hefty amount of $1.3 million per day to the state treasury through the eight percent tax. But the casinos cannot give the eight percent tax if it closes.
The situation is something that casino players cannot comprehend. Why would the state do this, because closing may add more problems through the lose of millions to the state.
It is the first time that casinos are forced to close since their maiden offering in New Jersey during 1978. During the past years, the casinos managed to remain open despite the difficulties they faced.
The closure of casinos scares city officials as it means that they have to empty twelve casinos and eighteen thousand hotel rooms all at the same time.
Wednesday, 12. 2006
Victor Copeland