Google Search

GOOGLE SEARCH RESULTS

Friday, March 13, 2009

Casini

Glamorous!

I'm sick and tired of hearing about casini as a form of economic development.  Except for Vegas (a city which has no rights to exist) I can't think of another place in America that has seen any real development from casino gambling.  And don't say Atlantic City, 'cause Atlantic City is a shithole.  Places that have casini: Hogansburg, NY; Rancho Mirage, CA;  Detroit, MI; Verona, NY; Lincoln City, OR.  Soon the Mississippi will cease to be a navigable  artery of commerce it will be so congested with riverboat casini.  Detroit called one of it's houses of gambling Greektown as a reference to gamblers taking it in the a$$.  Stay classy, Detroit ;)

This is an industry that produces no product, and no real service.  It is a funnel from the poor to the rich.  Yet place after place in America thinks that a casino is the way to CREAT JOBS and balance the ledgers of local and state governments.  Sure there might be short term benefits to building a casino.  Construction jobs occur of front (jobs that actually produce something of value from labor).  Some jobs at the casino are created.  In the long run, though, building acasino will crowd out  investment in real production of goods and services.  Money spent at casini essentially evaporates. Very little is left in the host community in the form of wages  or consumption.  

Building a casino is a short term solution that hampers long-term economic growth.  It is a classically short-sighted, simplistic solution to long-term complex economic issues.  So it's obvious why they are so politically popular.

It's kinda like leveraging your assets  30-1 in the hopes that the market will continue to grow at an even and rapid pace.

No comments: