Tuesday, December 30, 2014
Governments relying on Gambling-2
Now the basic rule is the house always wins meaning there is no way the house, meaning the Casino will lose money on a single gambler but with these increasing competition chasing the same amount of dollars (or even less) how many Casinos or gambling areas does a whole area need. Before it was Atlantic City but with the increasing competition, the year 2014 was not good for the city as it lost 4 Casinos without adding any. Now instead of going all the way to Atlantic City which is by the way more than two hours even from my house in north New Jersey, people have the options to go to their own states near their homes. And if this was not enough, North New Jersey is trying to have Casinos in Jersey City and in the meadowland areas which will put a death kneel to anything Atlantic City trying to recover. Everybody knows that when there is more competition in gambling, there will be less revenue and Casinos are not the only venue to gamble as New Jersey has introduced internet gambling and lottery is another type of gambling. I believe that the state governments know that people are averse to raising taxes and the best way to raid their wallets is through gambling but whereas it was only one state raking in all the money, now the same pot of money is being shared by several states but the gambling money is the same or maybe slightly higher. So the more they issues permits to Casinos, the more the same amount of money will be divided among the states and Casinos and at the end the revenue raised will be the same as before. But to rely on gambling is just another way of showing that the state governments have lost the creative touch to increase revenues without resorting to gambling and gambling does not create any new industry or raise the skill level of people involved in it or the general community.