States End Up Losers in Gambling Pullback

[WriteDown]

Source: WSJ

States' revenue from casinos, slot machines and lotteries is falling for the first time in many of the 48 states that have grown to depend on gambling as a crucial source of income.

Revenue contributed by commercial casinos to state and local governments was down 2.2% in 2008, to $5.7 billion, according to the American Gaming Association, an industry trade group. In many states, the declines have continued.

Eight of the 12 states that allow commercial casinos saw their take of gambling revenue fall in the fiscal year ended June of this year, compared with the same period a year ago, according to data from states and the Nelson A. Rockefeller Institute of Government at the State University of New York.

In five of those states, including Illinois and Nevada, gambling income fell by a greater percentage than the state's overall revenue did. Nevada's gambling-tax revenue fell 15% in the fiscal year ended June compared with the same period a year earlier. That contributed to a drop of 10% in the state's overall revenue.


Read more: http://online.wsj.com/article/SB124985382195717807.html#mod=whats_news_free?mod=igoogle_wsj_gadgv1

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I did help out a bit in NO last weekend.

[LiberalFighter]

1. Oh what a shame. They just didn't think this would be a possibility when then legalized gambling.

Did they?

[bemildred]

2. Gee, who could have predicted this? nt

[exboyfil]

3. Casinos and tobacco

Voluntary taxes for the mathematically illiterate and the habitually addicted. We had three votes in my county on whether to allow casino gambling. The first two failed, and the third succeeded by a rather narrow margin. I walked into the place once - looked around and was not impressed.

It is hilarious that cigarette smoking is banned inside restaurants and bars throughout the state except in casinos.

[beyurslf]

6. I like to gamble and see nothing wrong with it.

I don't gamble my mortgage payment though. There are always some abuse things. I don't drink at all, but I don't think it should be banned just because some drink too much.

[exboyfil]

12. Well it seems odd that we can have a nanny state

in so many areas (like tobacco consumption for example) but not for gambling. I feel that the casino has taken more out of the area than it has given back, but that is my opinion. The voters approved it so it now exists.

My parents gambled for enjoyment, but I don't think they were ridiculous about it. Alcohol was a far bigger problem. I don't smoke, drink, or gamble; and I am a far happier person for those personal decisions.

I thought it was better when you had to go someplace to gamble. Just my opinion though. All those mathematically illiterate help to keep my taxes down. I just wonder how much money the state sends out the back door to compensate for the revenues it gets in the front door.

[FarCenter]

4. It's especially amazing to see seniors pissing away their life savings

In the middle of a week day, there will be seniors in the casino gambling away.

Morons.

[Alcibiades]

5. What life savings?

The folks you are talking about are gambling with Social Security and pensions, but for the most part they are doing fine. They have a budget, they go and gamble what they can afford to lose, they go home. Most folks in that age bracket are not nearly so foolish with their money as the young folks.

And many of the folks who are well-off are, in fact, elderly. Though they travel in Lincoln Town Cars and not the bus, they are also doing fine.

Anyway, what do you expect them to do--drive out of state to visit their grandkids? There's no buffet there.

[izquierdista]

7. At least they're not teabagging

If a Harrah's bus pulled up at one of these town halls, the shouting would stop and they would all rush to see what comps they could get.

[NashVegas]

8. When We All Know They're Supposed to Leave Every Dime to Their Kids?

My landlady goes down to Tunica about once a month. Her grown children all do very well for themselves. They don't need the money, she's having fun.

[truthisfreedom]

9. I felt horrible when I found out my 70-year-old lawn care guy had run up $50K in gambling debt

on his credit card and was trying to hide it from his wife. He's been a one-man operation since he was 15.

[Historic NY]

10. and so do us players...they are now making it more difficult to even win..

on scratch off games..its all rigged.

[caseymoz]

11. Gamblers tapped out? How did that ever happen?

I thought our country had found the perfect cash cow.