Jim Kennedy

Atlantic City Regional Economic Analysis - Jim Kennedy, MBA, JD

[Jim Kennedy @ACEconPolicy]

Atlantic City Approves Townhouses Near Former Atlantic Club Casino | Jersey Digs https://t.co/qlNXF203gu via @jerseydigs

[Jim Kennedy @ACEconPolicy]

Caesars Casinos expanding with the addition of a fourth casino - Golden Nugget- added to the current three casinos- Caesars, Harrahs, Trop- will not trigger an unfair competitive economic advantage.

The Caesars Casinos with the addition of Golden Nugget will have less then than o Borgata market share.

The Casino Control Commission has in past actions looked at four casinos as a potential unfair competitive economic trigger. There is however no bright line
.
The 4 casino issues does give the. CCC leveraged to develop non gaming entertainment, retain and restaurant expansion

[Jim Kennedy @ACEconPolicy]

💕😄

[Jim Kennedy @ACEconPolicy]

Tilman Fertitta purchasing Caesars immediately transforms the casino power structure. Fertitta purchasing Caesars gives him four of nine seats on the Casino Association… the guys in the back room that for better or worse shape casino industry public policy.

It is the Casino Association that came up with the PILOT and fills casinos with smoke.

When Fertitta owns four casinos he gets four votes,

[Jim Kennedy @ACEconPolicy]

Tilman Fertitta purchase of Caesars may for the first time in almost fifty years an operator to the Boardwalk that knows what to do with one. Tilman owns the highly successful Kemah Boardwalk in Galveston.

It’s well within Fertitta’s skill set to negotiate the demotion oh Caesars Pier and its replacement with 300 foot boardwalk development from West Boardwlk Hall to Caesars frontage.

[Jim Kennedy @ACEconPolicy]

Billionaire businessman Tilman Fertitta to acquire Caesars in $17.6B deal https://t.co/lcEbgKNtYE via @reviewjournal

[Jim Kennedy @ACEconPolicy]

Atlantic City AI Overview

Google AI Understands Atlantic City challenge. Google’s AI gets it. AC business and political leaders doesn’t .

It’s not hard to come up with solutions if you drill down on the real problem.

“ Atlantic City continues to face severe economic challenges, including a prolonged decline in casino operating profits, heavy municipal debt, and ongoing state oversight. While the resort has stabilized its fiscal position somewhat and seen recent growth in tourism investments, the local community still suffers from high poverty and a lack of economic diversification.

Key Economic & Financial Challenges
•Shrinking Casino Profits: Despite steady annual revenues, operators have recorded three consecutive years of year-over-year declines in Gross Operating Profit (GOP) due to increased operational costs and intensifying regional competition.
•Municipal Debt: The city carries a heavy long-term debt burden, with municipal bond debt sitting at over $400 million, forcing strict state oversight over local spending and taxation.
•State Takeover Extension: Due to ongoing structural financial difficulties, New Jersey extended state oversight (originally implemented in 2016) for another six years to oversee redevelopment and ensure fiscal discipline.
•High Poverty and Low Income: The city suffers from structural socioeconomic issues, featuring high unemployment rates, a median household income well below national averages, and a poverty rate that impacts more than a third of the population.
•Over-Reliance on Gaming: Despite efforts to cultivate other attractions and small businesses, Atlantic City remains a largely one-industry town, leaving it highly vulnerable to the broader impacts of online gambling and shifting tourism habits.

[Jim Kennedy @ACEconPolicy]

@docksidebob1 Market rare housing…. They are building in smallish amounts to increase market. Value

[Jim Kennedy @ACEconPolicy]

K. Hovnanian Lands Tax Break for Waterfront Residential Development in Atlantic City | Jersey Digs https://t.co/rbVsJ535Ul via @jerseydig

[Jim Kennedy @ACEconPolicy]

WinnDevelopment Kicks Off $33 Million Rehab of Atlantic City Affordable Housing Complex | Jersey Digs https://t.co/iubKHw79ea via @jerseydigs

[Jim Kennedy @ACEconPolicy]

“I just received the following wire from my generous Daddy: 'Dear Jack, Don't buy a landslide vote. I won't pay for a landslide.”-John F Kennedy

Context: JFK often joking ly cited this to claim his father, Joseph P. Kennedy Sr., would only fund enough votes to win, not a landslide victory.

Someone in the Governor Office must know the Kennedy quote.

When. Marty Small was in election mode the Governor approved budget cuts.

From 2020 to 2026, Atlantic City has topped the state in tax decreases, with a 13.7 percent drop..

Now that the election is over…the State mandated a 2% increase.

[Jim Kennedy @ACEconPolicy]

@evansanchez @jahshrastafari Include the Trump Plaza site.

[Jim Kennedy @ACEconPolicy]

Tilman Fertitta owns the Golden Nugget Casino. He is in the process of buying Caesars. He is Ambassador to Italy.

He’s a busy guy

Last week he asked for an extend on his Caesar’s bid time.

[Jim Kennedy @ACEconPolicy]

@evansanchez The real question is if the state can get their act together… the CCC needs to deal with the four casino issues . They can leverage a major PIER redesign.

[Jim Kennedy @ACEconPolicy]

Stockton University

The STATE GOVERNMENT made a $2.3 million dollar annual commitment to underwrite their Atlantic City Campus. The STATE never came up with the cash.

Stockton University is in the Sixth year of enrollment decline. Enrollment for FY26 is expected to be down 16%.

BAD is putting a positive spin on their financial condition.

[Jim Kennedy @ACEconPolicy]

Gasoline fuel prices have risen significantly since last year.

At AC pumps that’s about an $1.60 increase.

What’s your thoughts about fuel cost increase on casino brick and mortar gross win.

It is a great question for one of the predictive web sites.

[Jim Kennedy @ACEconPolicy]

NJ Meadowlands Casinos (2 new casinos) could generate a $1 billion dollar up front license payment.

The NYC Casino RFP required the payment up front for each project awarded of $500 million. The 3 NYC casino licenses awarded will generate $1.5 billion for regional transportation infrastructure.

A $1 billion NJ Meadowlands Casino license fund could provide a substantial incentive to the adoption of the necessary casino referendum.

Allocation of $500 million from a $1 billion Meadowlands Casino license payment fund could result in substantial new Atlantic City regional economic development to offset expected casino employment loss.

Meadowlands Casino could be the foundation of a new balanced Atlantic City Regional Economy.

[Jim Kennedy @ACEconPolicy]

A consensus Top 10 Cheapest Beach Communities (2026):
1Atlantic City, New Jersey: Ranked No. 1 for affordability with a typical home value around $215,336.
2Pascagoula, Mississippi: Known for "working waterfront" affordability with homes in the mid-$100,000s.
3Fort Pierce, Florida: Offers, quiet, affordable coastal living on Florida's East Coast.
4Corpus Christi, Texas: Provides low-cost oceanfront living and a strong, accessible community.
5Gulfport, Mississippi: Features low property costs, similar to the nearby, ultra-affordable Pascagoula.

The various Cheapest Beach Real Estate lists look pretty much the same… but what does a $215k home look like.

It’ still it’s a great list to be #1.

[Jim Kennedy @ACEconPolicy]

@evansanchez @ACPressHuba Framework over the past decades. Casino hotel room, casino entertainment, retail, Harrahs convention center…. Doesn’ count the $1billion

[Jim Kennedy @ACEconPolicy]

Protecting the Atlantic City Casino Industry monopoly is a classic fallacy of sunk costs.

The sunk cost fallacy is a cognitive bias where individuals continue based on previously invested resources (time, money, or effort) rather than current benefits. It leads to irrational decision-making, where one "doubles down" to avoid admitting a loss, often resulting in further wasted resource.

Over the past decades State Government has poured over a $1 billion dollars into industry bailouts.

The Casino Industry gross win is half of what it was in 2004.

[Jim Kennedy @ACEconPolicy]

@tigheinthe215 There is no future in AC without casinos. But, there is no future for AC region growth without hospitality and several other diverse economiic clusters.