Sandy Brings Economic Booms, Busts To Northeast
"This is not the type of business that I like. I hate seeing so many people in distress," he said. "My idea of good business is to clean up after an accident here or there. People are calling us crying."
For casinos in New Jersey, a recovery cannot come soon enough. In the first week after reopening, Atlantic City's 12 casinos saw their business plummet by half. Things are slowly rebounding, but thousands of casino workers remain out of work because there are simply not enough customers to justify the payrolls of even two months ago.
"About half my membership is working," said Bob McDevitt, president of local 54 of the Unite-HERE union, which represents nearly 14,000 casino service industry workers. "The other half is on sharply reduced hours or has not worked at all since the storm. It's devastating."
Atlantic City has started a multimillion-dollar advertising campaign in the Northeast letting customers know the resort is unharmed and open for business.With life not yet entirely back to normal in the hardest-hit areas, some have been traveling farther than usual for Christmas trees. Kathy Kogut, owner of Kogut Hemlock Hill Tree Farm in Somers, Conn., said business has been brisk, with many customers from New York and New Jersey, including a dozen last weekend. "People are making an adventure of it, coming out to the country and picking out a tree," she said. "Whenever there is any kind of disaster, no matter where it is, it causes families to become closer. You focus on the family tradition again." ___ Associated Press writers Frank Eltman in Wantagh, N.Y., and Wayne Parry in Atlantic City, N.J., contributed to this report.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV