Only Casino Interests Push Casinos in Florida
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We all know how Atlantic City's Fairy Tale became a nightmare....leaving Atlantic City on the brink of bankruptcy because of Gambling Market Saturation. Were the streets ever paved with the GOLD that was promised?
When the Casino Fever was contagious in Massachusetts, Steve Norton was salivating to invade....at the time, a poster employing the name 'Steve Norton' continued to post endlessly in response to each newspaper article promoting the great wonders of Predatory Gambling, to paraphrase: "and you don't even need to graduate from high school to get one of those great jobs...'
At the time, Centaur, Mr. Norton's Indiana endeavor had filed for bankruptcy to essentially re-negotiate terms with the state...while also buying another casino out of bankruptcy. In response, the "Steve Norton" poster wrote:
You mention Centaur, which is not in Bankruptcy, but has been unable to pay interest due. But you fail to mention the extraordinary up front fee to Indiana of $250 million for 2,000 slots and a tax that averages nearly 50%. Part of the reply:
If you made a poor business decision, should a state bail you out? Steve Norton wrote an Op Ed, printed in the New Bedford Standard Times that began:
I have no problem with anyone being opposed to gaming, whether on moral, religious or even economic reasons.
Didn't Mr. Norton also file for bankruptcy in Pennsylvania to preserve a Gambling License? All so very complicated!
When the Gambling Market becomes saturated, the bankruptcy court allows 're-negotiation' of terms, such as Twin River in Rhode Island that was approved to preserve greyhound racing and jettisoned it in bankruptcy court, along with other issues. Mr. Norton paints a rosy picture.