Atlantic City’s casino revenues have fallen by more than a third in recent years. Is this simply the result of the economic slowdown and shifting consumer priorities, or has a more fundamental shift taken place? In 2007, Pennsylvania opened its first casino, and now takes in more slot machine revenues than New Jersey. Meanwhile, gross gaming revenues from New York state’s casinos was $911 million in the first six months of this year, 59 percent of the total gambling revenues in New Jersey, at $1.544 billion. But, ponder the different tax treatment of gaming revenues on both sides of the Hudson River. New Jersey taxes its gambling revenues at 8 percent, netting the state $123.5 million, but New York applies a 68 percent tax rate, netting the state a whopping $619.5 million, not only several times more than New Jersey, but three times more than the tax revenues that Nevada takes in from gambling. So, it should come as little surprise that Governor Andrew Cuomo and the New York state legislature have begun the process of amending the state constitution to allow for up to seven new full-scale private casinos.