The Stoler Report: Business & Future of Gaming in New Jersey-Part 2/2

The Stoler Report: Business & Future of Gaming in New Jersey-Part 2/2


♪♪ [THEME MUSIC] ♪♪
>>>MICHAEL STOLER: So
gaming. It’s a business.
It’s a business in what,
49 of the-
>>>WILLIAM PASCRELL, III: 48
states.
>>>MICHAEL STOLER: 48 states.
It’s a big business.
How big is it going to
be in the state of New Jersey?
There’s different
aspects right now.
But today my guests who
were here last week are
going to talk a little bit about
what’s happening in gaming.
My guests today include
New Jersey Assemblyman
Ralph Caputo. Bill Pascrell who
is a principal,
I don’t want to
get it wrong, Princeton-
>>>WILLIAM PASCRELL, III: Public
Affairs Group.
>>>MICHAEL STOLER:
OK. Dennis Drazin.
You have a couple
of titles Dennis.
>>>DENNIS DRAZIN: I’m
an attorney in Red Bank,
New Jersey. I’m also the adviser
to Monmouth Park Racetrack.
>>>MICHAEL STOLER: And
last but not least Nick Amato
who is of counsel
to the law firm of Genova Burns.
So last week we were
talking about different
aspects of gaming and
something that we didn’t
get into was let’s
talk about Monmouth.
Monmouth has an involvement
with off track betting.
>>>DENNIS DRAZIN:
Yes. Monmouth Park is part of
the horse racing
industry in New Jersey.
The value of that industry
is a billion dollars.
It’s about
thirteen thousand jobs.
It’s about open
space, land preservation,
without racing in New
Jersey you would see all
that space to turn
into developments.
There would be no
more open space.
No reason to have farms
and the Agra industry so
we look to the state and the
legislature, who’s been kind
to us, to try and help
keep and preserve our business.
So at Monmouth Park one of
the tools that they gave
us was the ability to do
off track wagering so the
three racetracks that
remain in the state, which is
Monmouth Park, Meadowlands
and Freehold, have the rights
to develop off track wagering
in different locations.
We have one in Woodbridge
that’s highly successful
where patrons can go in
to an upscale environment-
>>>MICHAEL STOLER: Now
which is interesting
because most people,
especially if you’re in
New York City based, you
remember the off track
betting of New York City,
which was basically a
parlor where people would
stand up there, there was no
venues, just, it was a
place where you’d make a bet.
You’re talking about
a totally different-
>>>DENNIS DRAZIN: These
are upscale venues with
dining and you know
those venues generate a
significant amount of
revenue for us so that the
handle, which is the
amount bet at an off track
wager inside of
Woodbridge for example,
is about ninety
million a year.
And it provides about
five million in additional
purse money for the
horseracing industry and a
similar amount
for the operator.
Now Jeff Gural, who’s
the operator at the
Meadowlands, built
one, up and bailed.
Monmouth is about to open one
in Hillsborough. There are
a couple in South Jersey also
that are operated by Freehold.
There’s one Vineland,one in Toms
River and one in Gloucester.
>>>MICHAEL STOLER: Now,
but, the off track betting
can only take bets
for the three New Jersey tracks?
>>>DENNIS DRAZIN: No.
They bet on every track
in the country and in
addition to that the
legislature gave us the
ability to do
online horse betting.
So online horse betting is
legal in New Jersey there’s a-
>>>MICHAEL STOLER: Online for
any of the casinos and any of
their tracks in the country?
Same rules?
>>>DENNIS DRAZIN: We can
take the video signal,
the simulcasting, from all
the tracks in the country
and you can bet on it so
we hired a company that has T.V.
distribution nationwide
and they operate our four
New Jersey bet system. New
Jersey residents, you
have to be a New Jersey
resident to bet on the system-
>>>MICHAEL STOLER: As opposed to
the Internet.
>>>DENNIS DRAZIN: Correct.
And what happens is
that we through this
partnership with a
company called TVG,
which is city
area of Betfair,
we grew the business
from ninety million to one
hundred eighty million
here in New Jersey and
it’s very very popular.
>>>MICHAEL STOLER: Are these
open,
the off track betting, there are
open 365 days a year?
>>>DENNIS DRAZIN:ClosedChristmas
Day and Thanksgiving Day.
>>>MICHAEL STOLER: OK. 363.
>>>RALPH CAPUTO: It
gives the wives a break.
>>>MICHAEL STOLER: So
here’s the question-
>>>DENNIS DRAZIN: And you can
watch on T.V. at home in bed.
>>>MICHAEL STOLER: You can
watch on T.V. at home in bed?
>>>WILLIAM PASCRELL,
III: On the Internet.
>>>MICHAEL STOLER:
And on the Internet.
>>>RALPH CAPUTO: That’s
very good because my
brother-in-law always
had to leave the house.
Dinner time was
very disruptive.
>>>DENNIS DRAZIN: And they
have apps to do handheld.
You know you can do
it on your phone.
>>>MICHAEL STOLER: So if
right now I’m hearing that
we have in place at
least three or four,
minimum, I mean three
major ones you know with
Woodbridge, you know,
with the other locations,
you have the mechanism in
place for sports betting
at off track betting
facilities correct?
>>>WILLIAM PASCRELL, III:
You have the mechanism in
place at the casinos
too
>>>DENNIS DRAZIN: No. Sports
betting is only permitted at the
racetracks and casinos, not at
the off track wagering centers.
>>>MICHAEL STOLER: But
sports betting is now
allowed in New Jersey?
>>>WILLIAM
PASCRELL, III: No.
>>>MICHAEL STOLER:
No. It is not.
So part of, as I
started the show saying,
it’s the current and the
future in gaming What do
you see in the future? OK.
You know
there’s legislation,
you know, each and every
year as Dennis said last
week, you know,
there are changes.
If one had my
crystal apple,
which I have
over here, not now,
let’s say by 2020,
5 years from now,
what do you think the
gaming business will look
like in the
state of New Jersey?
>>>DENNIS DRAZIN:
There will be expansion of
casino gaming outside of
Atlantic City at least to
the northern
part of the state.
There will probably be
some revenue shares to
make sure racetracks and
casinos with money going
back to Atlantic City to help
them will all be preserved.
You will see
sports betting. It’s inevitable.
There’s no question in my
mind that in the timeline
of your crystal ball there
will be sports betting
permitted in New Jersey.
>>>MICHAEL STOLER: Now in
reality as I was saying
earlier to Bill, don’t
we really have a sports
betting because we
have fantasy sports?
>>>WILLIAM PASCRELL, III: Well
sure.
I mean, you know, there’s
a there’s a distinction
between sports betting and
fantasy and that fantasy
has been applying
to be a skill game.
I want to answer your
question though I just
gave three significant
speeches in London,
Amsterdam and in Vegas
in the last three months
about what the future of casino
gaming looks like broadly.
And I believe,I think everything
that Dennis said is axiomatic.
Totally hundred percent
correct but I believe and
you know we’re all sitting
here 45 years old and older-
>>>MICHAEL STOLER: I’m happy you
said we’re 45 years-
>>>WILLIAM PASCRELL, III: I
tried to lower the bar a little
bit. I don’t think the gaming
industry really gets,
whether you’re Vegas or
Atlantic City or anywhere
else, really gets the
importance of the millennials.
The millennials are not
going to Dennis’s tracks.
The millennials are not going
to Atlantic City to gamble.
They’re going there to go to
a pool party or a nightclub.
Vegas just opened up
a nightclub in the Cosmopolitan.
They spent one hundred thirty
million dollars on a nightclub.
In the first year they made one
hundred eighty million dollars.
Ninety percent of those young
folks, not fair to call them
kids, but young folks,
they’re obviously over 21-
>>>MICHAEL STOLER: Millennials.
>>>WILLIAM PASCRELL, III:
They spent one hundred
eighty million dollars out of
their pockets, the millennials.
Not one dime did they
spend in the casino.
So the casino floor
is going to look very
different than what
it looks like today.
Where we were used to
going up to get a stack of
chips, playing blackjack
or roulette or what have
you, it’s going to
look very different.
>>>MICHAEL STOLER: The casino
floors have
changed over the years.
>>>RALPH CAPUTO: When Nick
and I were in the business down
there, there were there were
more crap pits then they today.
You go on into Harrah’s
for example you’re lucky if you
find three cards, because the
demographics has changed and as-
>>>MICHAEL STOLER: The aging of
the population and-
>>>RALPH CAPUTO: They’re into
technology more,
into technology game, so
he’s right it will change
but the point is it’s
got to be more than just gaming.
We understand that.
What happened to Atlantic
City they got caught in
the middle of the change
and did not adapt and they
became extinct to a
certain degree and if they
don’t adjust and we don’t
provide the resources
through other gaming
activities to create a
transition fund for
horseracing and for AC
they’re not
going to make it.
They’re not going
to make that change.
They don’t have
the funds to do it.
>>>MICHAEL STOLER: Let me
go back 20 years or even
longer when I went
to the Meadowlands.
When the Meadowlands
had a great restaurant,
the old Meadowlands-
>>>RALPH CAPUTO: When you
couldn’t get into it.
>>>MICHAEL STOLER: OK.
That you couldn’t get
into the Meadowlands.
It was a place.
People wanted to get
into the Pegasus Club,
it was a venue, it was
something that people from
New York would run
over to take the bridge,
specific tunnel, to
go to the Meadowlands.
Then what happened
to the Meadowlands?
So you’re in the horse
business for 35 years.
What happened?
>>>DENNIS DRAZIN: What
didn’t happen to the
Meadowlands that should
have happened is the state
kept telling us in the
horse industry look at
this place one day we’re going
to have casino gaming here.
And it didn’t happen.
It kept getting pushed back and
pushed back and pushed back.
We go you know we’re
trying to lobby our
legislators and the
governor for casino gaming.
So we go to all the
surrounding areas that
have gaming;
Pennsylvania, New York,
we see that the cars that
are in those parking lots
are 50% Jersey plates.
You know so all our
gaming here in New Jersey,
all that revenue that
should be happening here,
is moving to other states
and we need to get it back.
We need our legislature,
which I believe they will
do, to support the
effort to get it back.
>>>RALPH CAPUTO:
Let me say this,
you know, I was in the
middle of this for the
last I don’t know how
many years but the idea is this,
Dennis is correct.
We lost two billion dollars
worth of taxable revenue.
Where did it go?
It went to these other states.
So our effort is not to
hurt the gaming business
we want it to survive.
So we want to change those
locations like Pennsylvania did.
Pennsylvania success is
that they moved up and
down our borders and took
our market out of here and
now New York is doing the
same thing so it’s only
logical that we put gaming
in northern New Jersey but-
>>>NICHOLAS AMATO: And look
at look at Pennsylvania.
Their tax on slots is 55% and
their tax on table games is 16%.
And look at us. Ours
is 8% plus the
incentive tax of
the CRDA all the way around.
>>>RALPH CAPUTO: Not to be
to controvert you know the 8
casinos that are left like it
this way. They call it resizing.
I call it you know a
disaster because now you
have, as we talked about,
the unemployment and the
other problems that
go along with that.
So the eight that are
left to making money,
some of them are
doing very well.
So they don’t want
to see a change.
>>>MICHAEL STOLER: What Bill
said,
you know, maybe before or
during the show is that
you know I just heard
about this new restaurant
in the Cosmopolitan
and all the rest.
People want to go there
because it’s a venue.
I mean Tao. I know that Tao is
the highest grossing
restaurant in the country
today because-
>>>WILLIAM PASCRELL, III:
People want to go there.
>>>MICHAEL STOLER:
People want to go there. Tao is-
>>>RALPH CAPUTO:
Try to get to Atlantic City.
How do you get there? Tell me.
>>>MICHAEL STOLER: You
pray that you don’t hit traffic-
>>>RALPH CAPUTO:
On a weekend you could
almost fly to Vegas before
you could get to Atlantic City.
The roads are horrible. OK.
You get past Toms River,
they’re still under
construction down there.
The roads are jammed
up going in- why would
anybody if they could go
through to the Sands up 78
or go to Aqueduct or go
to Queens or whatever,
want to spend three
four hours on the road to
Atlantic City when they get a
game that’s closer to them?
It’s all about convenience
gaming. That’s all it is.
>>>MICHAEL STOLER:
Now here’s my question;
why have, OK, I understand the
reason for the Meadowlands, OK.
You have the track, Mr.
Gural spent one hundred
ten million dollars proving that
the property, why Bayonne?
And what’s the third?
Jersey City and Bayonne,
why are those-
>>>RALPH CAPUTO: They’re
all different.
First the Meadowlands
is a brand name.
As you said you know
people are very familiar
with the highway connections,
transportation to
the Meadowlands, it’s a winner.
>>>MICHAEL STOLER: Right.
You’re going to have
the mall over there,
the shopping
center, the stadium,
everybody knows
it’s, you know,
Giant Stadium
has done that.
>>>RALPH CAPUTO:
I’ll have Bill explain,
I know we’re very familiar
with the Jersey City
projects but Bill why
don’t you explain what Mr.
Fireman was
trying to accomplish.
>>>WILLIAM PASCRELL, III:
Yeah. Just for full disclosure.
Paul Fireman founder
of Reebok sports shoe,
sold to Adidas a few years
ago-
>>>MICHAEL STOLER: Built a small
little golf course.
>>>WILLIAM PASCRELL, III:
Exactly.
Built a small little golf
course Liberty National,
which is a
spectacular project,
golf course
hosted to Barclays,
will have the Barclays
in a couple of years,
but it’s also going to the
Presidents Cup in 2017,
which will get it
international attention.
Paul Fireman had a design
to build the golf course
and then build
housing around it.
The market tanked in ’08
and ’09 as you know and so
that ship has sailed.
Rather than build housing
he believes and he’s hired
one of the finest gaming
architects in the world,
the gentleman who
designs for Steve Wynn,
a mega iconic casino with
two thousand rooms and a
gazillion restaurants and
nightclubs and boats that
allow people to get
from Staten Island and
Connecticut right
into the property.
Why that project
is important is it
complements
the Meadowlands. OK.
The Meadowlands is unique.
It’s been something
Ralph’s been working on
for a long time and people
recognize politically.
>>>MICHAEL STOLER: As
we said the Meadowlands-
>>>WILLIAM PASCRELL,
III: It’s a no brainer.
>>>MICHAEL STOLER: And
people also know Monmouth.
>>>WILLIAM PASCRELL, III: Right.
Jersey City is such a big job,
a 4.2 billion dollar project,
that I think it’s size and
scope are what captivates
the minds and gets
people interested in the
political sphere in New Jersey.
>>>MICHAEL STOLER: Now
isn’t it true that he’s
not asking for any
subsidies from the state.
>>>WILLIAM PASCRELL, III: No
subsidies at all.
No state subsidization
>>>NICHOLAS AMATO:
What was interesting is that
all that and Monmouth and
the poll that came out for
where you want to have a
casino came out second
ahead of Jersey City,
which I thought was
kind of interesting.
>>>RALPH CAPUTO:
What came out second?
>>>NICHOLAS AMATO:
Monmouth Park and the
other side of the coin is
what’s also part of the
poll a percentage of the
people don’t want gaming so I
thought that was interesting
plus Monmouth came in second.
>>>RALPH CAPUTO: The only
thing I want to add to
that I think once the
people are educated about
the jobs and the financial
impact it will have and
the support that we would
be giving racing and also
the rebuilding of Atlantic
City non-gaming projects I
think people
will understand.
>>>DENNIS DRAZIN:
Ralph’s right on,
you know, when someone
does a poll and they put
out a poll and they say this
percentage is in favor and that
percentage opposes it
depends the questions you ask.
So I’ve seen other
polls where people support
gaming but you have to
tie it into what Ralph’s saying.
You have to show the good
that’s it’s going to do
for the state and the good this
can do for other industries.
The decline of the horse
industry like you talked
about at Meadowlands is
because we don’t have the
same tools to
compete with other states.
The other
states; New York,
Pennsylvania, and some
of the other surrounding
states, they have these racino’s
and casino gaming and they
get revenues for their purses
keep going up in New Jersey-
>>>MICHAEL STOLER:Right. So they
don’t care. It’s subsidized.
The racino’s subsidize
the racetrack is basically
what you’re saying.
>>>WILLIAM PASCRELL, III:
Allows them to operate.
>>>NICHOLAS AMATO:But the tracks
came out, the two tracks-
>>>WILLIAM PASCRELL, III: But
that’s logical Nick,
I think, because
they’re already gambling-
>>>NICHOLAS AMATO: Exactly.
They’re known.
>>>WILLIAM PASCRELL, III:
Exactly. So they’re know.
>>>MICHAEL STOLER: Would you
want a racino at Monmouth?
>>>DENNIS DRAZIN:
Absolutely we want one.
We’ve been pressing for
it since the late 90’s.
We think it’s vital to
the area but-
>>>MICHAEL STOLER: Because
what it’s done for Yonkers
is unbelievable. What it’s done
for Aqueduct.
>>>RALPH CAPUTO: He’s right.
It would work there but
the resistance he’s going
to get, is not from me,
it’s going to be from those
political circles that don’t
want any competition at all.
In other words those
influences are there.
This makes sense but our
view-
>>>MICHAEL STOLER: But when a
state has high unemployment,
high taxes, you’re not
gaining anything OK.
I mean what we’re talking
about you know just in
general what you bring
up with environments,
politics, there’s no
question-
>>>RALPH CAPUTO: How do
you stand in the way of
billions of dollars
worth of investment?
>>>MICHAEL STOLER: I mean jobs,
the creation of jobs,
the creation of the
entertainment industry,
the hospitality industry,
the food industry, you’re
bringing everything there.
I mean let’s look at
Jersey City today is not
the Jersey City-
>>>WILLIAM PASCRELL, III:
No. It’s a spectacular property.
>>>MICHAEL STOLER:
It’s a different market.
>>>WILLIAM PASCRELL, III:
Totally different city and
people feel a lot better
about Jersey City than
they did a few
short years ago.
It’s got a new mayor, it’s
got a vibrancy-
>>>MICHAEL STOLER: But you
brought out before the key to
why Jersey City is doing well
is the PATH for certain
businesses and the ferries.
The ferry system
today, especially,
and I’ve done
shows on New Jersey,
transit oriented
developments is the key to
the success of the
tri-state region.
Morristown has a good transit
oriented development.
Jersey City has a
good, you know,
that’s important and if
you can have it on the
transit or if you can have
it on the ferry you can
have it on others
and people will go.
>>>DENNIS DRAZIN:
They do the ferry,
they do the train but our
view from Monmouth Park and the
vision there is to create more
of an entertainment area.
We have plans for
a concert venue,
water theme park and you
know what we would like to
do so we don’t hurt the
casinos because we want
them to survive is we
would like the casinos to
come in on a dollar lease
and take over the gaming
at Monmouth Park and that
way what can happen is
that they benefit from it.
For someone to drive from
Monmouth Park area now to
Atlantic City they’re
going to go a few times a year.
But if you had
a casino there,
the people are inclined to
gamble, will come there on a
regular basis and
the casinos with do better.
>>>WILLIAM PASCRELL, III:
You know, it’s interesting,
the conversation in New Jersey
cannot be about
Atlantic City anymore.
The governor gave it
a 5 year moratorium.
It’s gotta be about what’s
best for the entire state.
And casino expansion where every
year you’re going to put it
and it’s good for Atlantic City
and the entire state.
>>>MICHAEL STOLER: And the
industries that come out
of the casino expansion.
You’re only open 57
days a year correct?
>>>DENNIS DRAZIN: Well we
have 71 days of racing,
which we’ve cut down.
We used to be in
excess of 200 days.
Used to have a
circuit in New Jersey.
But what we learned is in
order to compete with the
other states that have
higher purses we had to
cut our racing in half in
order to keep the purses
high enough to
attract the horses.
So if we had more gaming,
if we had casino revenue,
we would go back to
year round racing.
>>>RALPH CAPUTO: And I
think Bill’s comment is perfect.
Look we’re talking about
the gaming business for
the state of New Jersey,
not for any particular region.
But what works for us, the
5 year moratorium did not
work for the state of the New
Jersey. It failed bitterly.
The Revel was their
referendum on gaming and
it destroyed, it was
ill conceived from the
beginning and all it
did was destroy the town.
So now they’ve
got to rebuild it.
How’re they going to
rebuild gaming in the
state if we
don’t expand it?
It’s not going to
happen in Atlantic City.
>>>MICHAEL STOLER: What
happened,
the Revel was a couple of
billion dollars investment?
>>>WILLIAM PASCRELL, III: And it
had a subsidy from the state.
>>>MICHAEL STOLER: Subsidy
from the state-
>>>RALPH CAPUTO: A lot
of subsidies.
>>>MICHAEL STOLER: And right
now it’s just sitting there-
>>>WILLIAM PASCRELL, III:
Sitting there vacant,
mothballed, mold is
growing inside.
>>>RALPH CAPUTO: Would you
invest in a place that is
worth three
cents on a dollar?
I mean that’s what’s
happened to the value there.
>>>MICHAEL STOLER: How do
you compare what happened
in Connecticut, you know,
with the Mohegan Sun and
the others, why
were they successful?
>>>WILLIAM PASCRELL, III:
Well don’t forget those
were the first two
properties built in the
state and they were
on tribal grounds.
They were built by the Indians
and they had a sweetheart
deal and you know what here’s
what else is interesting.
Protectionism and politics is
why Atlantic City is where
it’s at. Period. The
protectionism, when you have a
monopoly and you think you don’t
have to look over your
shoulder, competition is
what makes America great,
Atlantic City didn’t
have any competition until
recently and now it’s
either got to retool-
>>>MICHAEL STOLER: Ralph
specifically said it,
these casinos don’t want
anymore competition they
just want to, they know
that four or five have closed-
>>>RALPH CAPUTO: But their
business model
is going to fall apart-
>>>WILLIAM PASCRELL,
III: Would you want competition?
>>>RALPH CAPUTO: But Mike,
their model’s going to
fall apart as more
competition comes in,
whether it comes from us
or outside of the state,
they’re going to
deteriorate further.
>>>NICHOLAS AMATO: I think
they’re smart enough to
understand that there
has to be expansion.
The question is how.
>>>RALPH CAPUTO: When?
>>>NICHOLAS AMATO:
Well, I think I think the
handwriting is on the
wall that when is now.
I mean you can’t kick
the can down a road much longer.
>>>MICHAEL STOLER:
I mean eventually,
and we brought it up
between the shows,
eventually there’s going
to be casinos in New York.
We know that the
Catskills is first.
We know that there is a
possibility of Orange
County, you know,
which is convenient.
When this happens, you know,
the window is open
today, as one would say,
the window doesn’t
always remain open.
>>>NICHOLAS AMATO:
You’re 100% right.
The first mover is very
important. Very important.
They get the jobs,
they get the investments,
they get the benefits.
Every day New Jersey waits
is another day Atlantic City
is going to bleed and the
state’s missing an opportunity.
We don’t know what the
world’s going to look like
a year from now let alone
three years from now.
We don’t know if people
will want to invest.
When I say people the
banking and investment
community when these
casinos are opening up
right across the river.
>>>MICHAEL STOLER: I
remember when I was with a
private equity firm when
Revel was planned and the
amount the money and
everybody was saying you
know maybe we’ll take a
piece of the transaction
because they felt it
was such a great deal,
because it before was 2006.
You know it was 2006 2007,
the economy was great and
then everything fell apart.
So the question isn’t,
nobody has a crystal ball,
my crystal apple is
definitely not there,
but do you see more off track
betting helping in this state?
More off track betting?
>>>DENNIS DRAZIN: The off
track betting can give you
a Band-Aid but it really
doesn’t give you the
revenues that you need in
order to be competitive
with the
surrounding states.
The time for casino gaming
in New Jersey is now.
As you say New
York is inevitable.
They’re going to
be building these.
They’re going to be taking
more and more of our New
Jersey customers
from North Jersey.
We’ve got to get ahead of
New York and that’s why
people like Ralph
we’re trying to get the
referendum on this year
because it was the right
time and any delay is
going to hurt us all.
>>>MICHAEL STOLER: And I
think what Bill brought up
before was appropriate;
today we have the
millennials running
jobs and business.
The reason that Airbnb has
a fifty billion dollars
valuation, the reason that
WeWorks is a fifty five
billion, the reason that
Uber is doing over there,
is because these are being
utilized by the millennials.
I was at a presentation
where I heard the head of
WeWorks and he’s correct;
people want to be smaller
entrepreneurs. You know they
want to operate.
There’s a different environment.
They want to work together.
They want to work in a
different environment and
those people aren’t
running to a track but
they’re on the
Internet 24/7. OK.
They’re looking at this
and they are thinking of
sports betting and they’re
looking at the world and
what we have to do is evolve.
And part of the problem
is that Ralph said specifically,
is you know when you have
politicians, present company
excluded-
>>>RALPH CAPUTO:
Not on this one, I’m right.
-At least on this one you’re
right. OK.
When you have politicians
and you have different
things and then
you have government,
you know,
presidential elections.
I think the last two
weeks I’ve gained a lot of
information on an idea of
what the future of gaming is.
I’d like to thank Ralph, Bill,
Dennis and Nick and
I’ll see you next week.
♪♪ [THEME MUSIC] ♪♪

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