Whoa, I really dodged a bullet here. The past three years my friends and I have rented houses near Asbury and Kutsher's, most of the money for which was due in well before now. Had that happened this year, I would have been on the hook for a house in NJ for an event in Manhattan. Only reason I'm not is that I happened not to have been very into the lineup. Pays to be picky, I guess.
New Yorkers and others in the area probably didn't need lodging or hadn't booked it yet. That means the people getting hurt the most by this move are out-of-towners, who booked airfare and in some cases lodging on the promise of an Asbury festival that no longer exists. Much as I've enjoyed all five of the U.S. ATP fests I've attended, I can't see myself committing to travel for any future ATP events - just seems way too risky. Plus, a NYC festival isn't something I'm personally interested in.
Also: pretty ridiculous they included Godspeed in the "New additions to the festival today include" part of the release.