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Moody’s doubts AC casino reforms will work

Local News, News | Nov 30, 2010

Moody’s doubts AC casino reforms will work

A key corporate credit rater doubts that proposed changes including smaller casinos, Internet gambling and sports betting will end Atlantic City’s four-year slump.  Moody’s Investors Service says in a report issued Monday that rather than invigorate the market by adding new investment, allowing smaller casinos with as few as 200 hotel rooms would cannibalize existing properties like the Borgata, Harrah’s and the Trump casinos.   And Moody’s says Internet and sports betting would likely set off “a casino arms race” with Pennsylvania, New York and Maryland, which would likely offer it as well.