Casino are coming!!!!

From the Albany Times Union blog:                

Moody’s downgrades U.S. gaming industry

Posted on July 1, 2014 at 4:57 pm by Benjamin Oreskes in Casinos, General

 

On Monday, the vans of prospective casino developers dropped off boxes full of applications for four upstate gaming licenses. The same day, many of the same bidders must have read the report from Moody’s Investors Service on the gaming industry that traded the previous “stable” outlook to “negative.”

The problem: Americans are finding other things to do with their money.

“The fact regional gaming revenues excluding Nevada remained flat, despite further improvement in the economy and additional regional casinos throughout the U.S., is a strong indication that U.S. consumers will continue to limit their spending to items more essential than gaming, even as the U.S. economy continues to improve,” Moody’s Senior Vice President Keith Foley said in the report.

In May, Comptroller Thomas DiNapoli also cast a pessimistic eye on what gambling could do for aid the economy. His office’s report said the planned casinos will “likely result in new jobs in communities where casinos are located – although, from a statewide perspective, economic gains may be offset by losses elsewhere.”

U.S. gaming revenues (figured derived from state revenue reports) are estimated to decrease at a rate of 3 to 5 percent over the next 12 to 18 months, according to Moody’s. This anticipated slide will cause overall industry earnings to decline by as much as 7.5 percent, the firm estimates.

Sixteen bidders submitted 17 different project proposals to the state Gaming Commission by Monday’s deadline, and will wait for rankings to arrive from this state-appointed siting board.

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Now, because of the credence given to Moody's when making decisions (like in the Valley View LDC), your Auntie would like to know:  

Do you think the County Executive will retract his statements of support for casinos in Orange County?

Remember, STEVE SAID: “Part of the state Gaming Commission’s Request for Applications process is demonstrating local support, and Orange County’s municipalities have met this test repeatedly. In addition to our working with local officials and meeting with gaming companies interested in locating here, neighboring counties such as Rockland and Dutchess have expressed to us their support for gaming in Orange County. Casinos in Orange County can produce the most revenue and create the most jobs — the very purpose of the gaming law. Our unified message has established Orange County as a major contender for casino development and I look forward to working together with interested parties as we continue through the application and approval process.” (Underline ours) (source:http://blogs.hudsonvalley.com/casino/2014/06/16/neuhaus-statement-on-foxwoods-retreat/)