Excerpt from our One Page Annotated Wall Street Journal Summary (which you can get emailed to you every morning by signing up here):
New Jersey Casinos Hours From Closing Amid Budget Impasse
Summary: New Jersey's budget impasse has left the state government with no money to spend, and is therefore "just hours away" from causing a shut down of Atlantic City's 12 casinos as well as parks, beaches, and historic sites. They'll join a freeze in road construction, operation of state courts and motor vehicle offices and lottery ticket sales. 45,000 state workers are at home without pay, while 36,000 workers in vital services continue to work, but without pay. Mr Corzine predicted that next week parmacy refunds for seniors will cease. New Jersey Democrats are struggling to find an alternative to Governor Jon Corzine's proposal to raise the state sales tax from 6% to 7%.
Comment on related stocks/ETFs: Phil Davis says that Trump loses 1% of its profits for every day its Atlantic City casino is closed, making the stock (TRMP) a short. Discussion of the potential impact on other casino stocks Aztar (AZR) and MGM Mirage (NYSE:MGM) here. The next question for fast-moving hedge funds is which stocks will be impacted by the short-term economic impact of the New Jersey government shut-down.