The Deregulation of Atlantic City

Casino deregulation: Glossing over the hard part


No doubt this will not be the last thing I have to say about the massive 200-page bill to deregulate the casino industry. But here’s two first impressions:

1. There’s a lot of room for mischief in a 200-page, highly technical bill.

2. I’d like to have $100 for every “expert” and “analyst” who said the bill was a move in the right direction as long as “the integrity of the industry is maintained.”

Well, yeah.

But that’s the hard part, isn’t it? And it’s no foregone conclusion. Does this proposal “maintain the integrity” of New Jersey’s regulation of Atlantic City’s casino industry? A lot of people may wish it does. And everybody throws that clause into their comments on the proposal -- but at this point, I promise you, no one has any idea if this proposal does that or not.

I don’t deny there is room for cuts in the regulatory structure. But before this bill builds up any more momentum than it already has -- and believe me, this is going to happen; nobody with the power to stop this bill will have the balls to stop it, whether it “maintains the integrity” of the industry or not -- let me be the one guy to note this:

New Jersey’s admittedly cumbersome, casino regulatory system of checks and balances became an international model and made possible the global expansion of legal gambling.

Gov. Chris Christie says that system is an “antique” and now needs to be junked. Why? Because human beings have suddenly become more honest?

Another proponent put it this way: If Harrah’s has an employee who is skimming money, that’s Harrah’s problem.

My response: Eight percent of anything skimmed is the state’s problem.

I may end up being in favor of this deregulation bill.

But let’s take this slow.