Word: jersey
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Dates: during 1970-1979
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...near-biblical euphoria of Election Day still vibrates along the sagging boardwalk and ravaged back streets of Atlantic City. Since New Jersey's voters overwhelmingly approved a proposal to legalize casino gambling in that neglected aunt of Eastern resorts, money has poured into the city as if gold had been found beneath its soiled beaches. Downtown real estate values have soared 200% or more as speculators and promoters of every ilk and bilk rush to make the démodée dowager a belle again ?and so prepare to wring the belle of millions of restless Eastern betting chips expected...
...George Orwell's novel of the superstate Oceania in which betting for "some millions of proles was the principal if not the only reason for remaining alive." Nor, for that matter, is the citizenry much disposed to discuss the possibility that organized crime, with deep, comfortable roots in New Jersey, will move in with the wheels and the slots to control the life of the city and even the state...
What obsesses Atlantic City, the rest of Jersey, and indeed much of the rest of the nation, is that gambling?an activity that churns out money, creates jobs, resists recessions and does not pollute the air or streams?is going legit...
Legal gambling seems to have had little impact on the multimillion-dollar illegal numbers racket, even though New Jersey, Maryland, Massachusetts and Rhode Island have introduced their own numbers games to compete with the illegals. The most successful of these, run by Maryland, has closely patterned its game after the illicit version. Players choose a three-digit number and can bet on it daily in multiples of 500; the payoff is 500 to 1 in cash, up to $600. It is a more honest game than the numbers rackets. Winners are always paid, which is not always the case...
...appointed trustee, Robert Loeffler, a lawyer and former senior vice president of Investors Diversified Services, a mutual-fund complex. Loeffier supervised the settling of $400 million in claims, appointed a new board of directors, and resigned. The company, operating under the name of Orion, is now based in New Jersey and run by Alan Gruber, a former Xerox executive. It still sells insurance through two healthy companies acquired by Equity. It emerged from reorganization in March, and last month its stock began trading publicly again after a long suspension. The company turned a profit even during the reorganization-$4.6 million...