Atlantic City – Decline and Fall of Gambling

Atlantic City has fallen on such hard times that bankruptcy chatter permeates the air. The city’s primary industry, gambling, has been decimated as newer casinos in nearby states have lured gamblers away from the New Jersey shore with its famed boardwalk.

New Jersey Governor Chris Christie is not taking this turn of events lying down. He has appointed a turnaround team, including former Detroit emergency manager Kevyn Orr, to review the alternatives. Is this only a step away from an autopsy? After all, Kevyn Orr is the guiding light who launched Detroit into bankruptcy.

Truthfully, can anyone perform magic on a city that saw 4 of its 12 casinos close last year? Then there’s the Trump Taj Mahal, which barely avoided closing, remains on life support, and is seeking a white knight investor. Caesars Entertainment, which owns Bally’s Atlantic City and Caesars Atlantic City, filed for bankruptcy last month.

“No one should expect that the appointment of a very competent fiscal manager is the solution for Atlantic City,” said Peter Reinhart, professor and director of the Kislak Real Estate Institute at Monmouth University, as it would not solve the underlying problems of a stagnant tourism and casino industry.

Besides the downward spiral of casino gambling, there is also the threat of online gaming. You can now add New Jersey to the number of states who allow online gaming. The Garden State joined Nevada and Delaware as the only states with legalized online gambling, and is now the biggest in population.

How does that impact destination gambling? It doesn’t help. However, many don’t go for gambling alone. The resorts offer shows, seminars and conventions — both for recreation and business. Ultimately, the casinos may be the biggest winners because as it now stands, online gambling web sites must operate through casinos. But, for how long? And, as states seek revenue, some will inevitably turn to online gaming as a source to help fill their coffers which may prompt them to loosen this restriction. Anytime a gambler can place a bet online rather than having to go to a physical place is one less gambler available to all casinos, including Atlantic City casinos.

Atlantic City is a town of 40,000 people, 48 blocks long, three-quarters of a mile wide at its widest. Its budget is about $270 million. About one-third of its residents live in poverty. More than two-thirds of its adults age 25 and older have a high school diploma or less. Atlantic City remains the only place in New Jersey where casino gambling is legal.

Is any casino doing well? “Well” may be a relative term. The casinos left are, at least, still open. They are the Borgata, Tropicana, Resorts, and Golden Nugget. The decline started in 2007, the year after Pennsylvania opened slots. Within four years, Pennsylvania bumped Atlantic City out of second place behind Nevada in annual gambling revenue. In 2013, Pennsylvania’s gross gaming revenue was $3.1 billion. There is also competition from New York which allows gambling in the Catskills and various counties.

No matter how you look at it, hiring a turnaround team knowledgeable in municipal bankruptcy is a sign of Atlantic City’s times.

Online Business Success: Lessons You Can Learn From the Atlantic Salmon?

I’ve always been fascinated by the Atlantic salmon’s inherent ability to swim upstream, and as I thought about the complexities involved in achieving online business success, I realized that there are lessons to be learned from the Atlantic Salmon.

What are some of these lessons you can take away and apply to yourself in your online business?

1. Fact: The Atlantic salmon spawns in fresh water but spends much of its life in the salty waters of the ocean.

Lesson: As business owners we have to be adaptable. You may start small and wade in shallow waters, but as you experience personal growth and growth in your business you may have to make decisions that will take you out of your comfort zone and plunge you into unknown waters that are as wide and deep as the ocean.

2. Fact: The salmon’s trip downstream towards the sea is long and arduous, but before going into the open sea it feeds greedily at the mouth of the river.

Lesson: Starting any business has its ups and downs and the road may not be smooth, but by feeding or educating yourself through books, online classes, webinars, having a responsive Mentor, and support system, you will be fortified to move on to bigger projects. Projects that may actually ‘frighten’ you; but with the knowledge and partnerships you’ve acquired in your business you can progress and experience online business success.

3. Fact: The salmon’s time at sea prepares it for the journey back upriver to spawn. The Atlantic salmon negotiates across the ocean to begin the grueling task of swimming upstream against the flow. When it comes to obstacles, like weirs and waterfalls, the salmon jumps over them during the day by aiming for the light above the obstacle.

Lesson: You cannot stop growing, personally or in your business. You have to allow each platform of growth to take you higher as you expand your business. Along the way there will be obstacles, but like the salmon, you have to see beyond them and overcome them so that you can arrive at your ultimate destination. You may not be able to fly over the obstacles like the Atlantic salmon, but you can use them as stepping stones rather than stumbling blocks to meet the goals you’ve set and experience online business success.

These are some of the lessons I’ve learned from the Atlantic salmon. Perhaps you can think of others. The bottom-line is that whether we are entrepreneurs working from home or small business owners with a brick and mortar store, we will be faced with challenges. Learning to swim “upstream” against the tide is what will keep our businesses going rather than folding.

The Fish We Cook, Atlantic Salmon, Chum Salmon

SALMON, ATLANTIC

The Atlantic salmon can be found on the east and west coast and in freshwater lakes and streams. There are also in some lakes that do not empty into the ocean. These are known as landlocked salmon and sometimes called ouananiche. The landlocked salmon is the state fish of Maine. Generally taken from saltwater in the Atlantic from Maine to Labrador the Atlantic salmon goes to freshwater streams to spawn just like its pacific cousins. This fish does not need saltwater to survive. Although the Atlantic salmon is native to the Atlantic ocean is has recently been introduced to the Pacific Ocean and on both coasts it is very popular with sport fishing. Due to high demand commercial farming has become a big business. Commercial fishing for Atlantic salmon is almost non-existent. More than 95 percent of it found on the market has been raised in fish farms. Chili is one of the biggest suppliers of farm raised Atlantic salmon to the United States. The Atlantic salmon has a steel-blue back and silver sides with many dark, cross-shaped spots that have light blue halos. Also known as silver salmon, landlocked salmon, bay salmon, Sebago and Kennebec, it averages 10 pounds and 30 inches in length and has been known to reach 79 pounds. It has a firm, layered meat that is rich in flavor and very high in fat and remains moist after cooking. The best ways of cooking Atlantic salmon is to bake, broil, poach or grill.

SALMON, CHUM

The chum salmon is one of the larger members of the salmon family averaging 10 pounds and 3 feet in length and sometimes reaching up to 40 pounds. It has a metallic blue back with sparsely speckled sides and a silver belly. It is abundant north of Oregon in the Pacific Ocean and can be found in freshwater streams where it goes to spawn. The meat of the chum salmon has a light pink color and has less oil than the other types of salmon. The least prized of the salmon they are not as important commercially as other types of salmon. The chum salmon also goes by the names of calico, keta, lekai, hayo and dog salmon and is often marketed as silverbrite salmon. It has a firm layered flesh that is rich in flavor and relatively high in fat content and remains moist after cooking. The best ways to cook chum salmon is to bake, broil or poach.