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Spectrum Gaming Group Managing Director Michael Pollock on the gambling business at the NJ shore spot post Sandy.
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-- back to the will of report we are live from Atlantic City.
Coming -- this -- gambling and the future ahead for this city.
Casino revenues falling twelve and a half percent last month that's despite that ten billion dollars invested over 35 years.
We have the opportunity to speak with Michael -- the managing director of spectrum gaming group who says this money is being poured it into a broken system.
-- that -- can certainly turn it around.
-- -- -- Business model it was that this is the most convenient place in the eastern United States for adults to Campbell.
-- business model signal cooler name is broken and will never be fixed.
So what.
You need more capital -- you're always -- -- be more capital OK so let's say it's broken.
The question is can -- recover what will it take a pay more money but more money spent.
Rumors still haven't tight grip on their walls we are still effectively.
The recession from the standpoint housing values from the standpoint of how people feel about the future.
For -- we just -- consumer confidence numbers today that were disappointing.
So.
That's very much tied to the future of Atlantic City and its presence.
Break.
The notion that -- -- -- easy recession.
Is just not the case and it's.
It really never was the -- -- but it's certainly not going to be the case going forward Michaels and paint the picture that's -- what comes back here what does it take you saying more money.
What it takes you know the consumer confidence when it's going to change -- the confidence of the capital markets.
That money invested in Atlantic City.
Will be money well spent that it will generate -- On that invest well let's talk about the -- here for a second because this lies.
A marquee property two billion dollars.
-- spent on this property it's going into bankruptcy.
And it had problems from the start what went wrong there.
I think it's an overall marketing strategy in won't is that.
Its aspects and that's it involves more than just public relations and involves targeting to specific areas.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Gamblers by.
Their their their.
Spending habits that's not one of their primary.
Ways they spend money but they -- spend discretionary dollars and they would -- -- Thought he'd -- each.
Every one of those.
There's how many sub segments each one of them has been marketed through different.
Online gambling that -- -- assist -- online gambling is implemented.
Well and it's again.
Because it's so brand new and this.
Sold my shares -- many different ideas and how it will work because it hasn't really been tried.
In North America but if it is implemented well and it came by and being implemented well I.
-- that online -- should be primarily.
The needs of identifying customers.
Adults.
Sending him to come to Atlantic City if that's the case -- -- improvement in that fashion it can be huge plus.
What do they tell you yet you know ultimately the location is beautiful right -- right here on the water it's amazing.
Would be great to see a huge comeback for Atlantic City it seems like it has a lot of pieces in place Michael thanks for helping.
Really appreciate my pleasure.
