Casinos still seem to be popping up everywhere as seeminglydesperate states pass enabling laws, looking to stimulate economicexpansion in down-and-out areas or raise tax dollars—anything toovercome the effects of the lukewarm economy on revenue growth.
But this week we have more evidence that casino bets are turninginto longer shots especially for older properties—it's become acommodity business already in oversupply with increasing numbers ofveteran operators in bankruptcy and shutting down unable to matchthe ersatz glitz of new competition.
Atlantic City is the poster child—its boardwalk lineup of ageinggambling halls now in accelerated decline (four hotels recentlyclosed, and another shutting down soon with thousands of jobslost). Even with an East Coast casino monopoly, the south Jerseylocation offered only a warmed over version of a Las Vegasdiversion—attracting busloads of day players working the slots, notthe really profitable high roller crowd. For all the talk abouturban revival, the State of New Jersey never steered any of thegambling related revenues into meaningful redevelopment of thedilapidated neighborhoods away from Atlantic City's seaside. Nowthe state is left with a mess and investors with more losses.
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Jonathan D. Miller
A marketing communication strategist who turned to real estate analysis, Jonathan D. Miller is a foremost interpreter of 21st citistate futures – cities and suburbs alike – seen through the lens of lifestyles and market realities. For more than 20 years (1992-2013), Miller authored Emerging Trends in Real Estate, the leading commercial real estate industry outlook report, published annually by PricewaterhouseCoopers and the Urban Land Institute (ULI). He has lectures frequently on trends in real estate, including the future of America's major 24-hour urban centers and sprawling suburbs. He also has been author of ULI’s annual forecasts on infrastructure and its What’s Next? series of forecasts. On a weekly basis, he writes the Trendczar blog for GlobeStreet.com, the real estate news website. Outside his published forecasting work, Miller is a prominent communications/institutional investor-marketing strategist and partner in Miller Ryan LLC, helping corporate clients develop and execute branding and communications programs. He led the re-branding of GMAC Commercial Mortgage to Capmark Financial Group Inc. and he was part of the management team that helped build Equitable Real Estate Investment Management, Inc. (subsequently Lend Lease Real Estate Investments, Inc.) into the leading real estate advisor to pension funds and other real institutional investors. He joined the Equitable Life Assurance Society of the U.S. in 1981, moving to Equitable Real Estate in 1984 as head of Corporate/Marketing Communications. In the 1980's he managed relations for several of the country's most prominent real estate developments including New York's Trump Tower and the Equitable Center. Earlier in his career, Miller was a reporter for Gannett Newspapers. He is a member of the Citistates Group and a board member of NYC Outward Bound Schools and the Center for Employment Opportunities.
