The folks who write the checks that help keep Atlantic City’s casinos afloat say internet gambling can help revive the market’s flagging fortunes. Speaking at The East Coast Gaming Congress Wednesday, a panel of Wall Street analysts said the investment community views Internet gambling as a way to finally end the city’s seven-year losing streak. The state plans to offer online bets by the end of the year.

“I’m probably one of the more bullish people on this,” said David Berman, senior managing director of Macquarie Capital. “It’s a big boon for Atlantic City and New Jersey.” Internet gambling will mark the biggest expansion of gambling in New Jersey since the state’s first casino opened in 1978. “That’s where the big savior can come from,” added Robert Heller, president of Spectrum Gaming Capital.

New Jersey is one of three states to legalize internet gambling, along with Nevada and Delaware. New Jersey last week issued regulations on how the online games are to be carried out. John Kempf, managing director of RBC Capital Markets, estimated Internet gambling could be a $500-million-to-$600-million-a-year market for New Jersey. But several of the panelists also cautioned that no one yet knows how letting people gamble online instead of requiring them to physically visit casinos will impact the gambling halls’ bottom line.

Keith Smith, president of Boyd Gaming, which owns half the city’s top casino, the Borgata Hotel Casino & Spa, said he expects Internet gambling to help his brick-and-mortar casino. “I am confident it will stimulate growth and visitation for our casino itself,” he said. You can read more about the importance of internet gambling for Atlantic City when you read the full story at the Courier Post Online website.