Gambling for Chicago

Essay # 45394

Economics > Macro

This paper discusses economic issues facing Chicago with regard to gambling.

2,000 words () | 13 sources | MLA | 2002 United States

Paper Summary:

This paper deals with the economy of Illinois and proposes that Mayor Daley allow a casino to be built in Chicago. It supports the idea of a casino being placed in Chicago to help the economy out of recession. It shows how the economy would improve by adding jobs and increasing tax revenue, among other issues.

From the Paper:

"Just like narcotics, prostitution, alcohol, and nicotine, gambling has been classified as a dirty vice in America (Geis, pg. 2). Gambling has achieved a horrible reputation through years of corruption and crime, not to mention producing millions of victims of gambling addiction. All of these were reasons for the states to make gambling illegal. That all changed when Nevada passed the "Wide Open Gambling Bill" in 1931, which started the modern era of legalized gambling in the United States (Barker, pg. 26). Nevada became the gambling capitol of the United States, and the economic impact was phenomenal. Nevada's economy grew immensely, becoming an adult Disney Land of sort. The positive economic impact of Las Vegas has turned the heads of many other states. Still, gambling is restricted to very few places in the United States. Given the poor recent economic conditions in the United States, many states are debating whether gambling can help their economies. Illinois, for instance, is suffering badly from the recent recession. Funding for education and healthcare have recently been reduced, and the city of Chicago is paying the price. Chicago has done nothing but grow since Mayor Daly stepped into office in 1989. Now, for the first time, Mayor Daly is struggling to find the money to continue the programs he implemented to clean up the city of Chicago. With the unemployment rate of Illinois floating around 6.6% and the unemployment rate of Cook County around 6.8% (both well above the US unemployment rate of 5.8%), something needs to be done to help boost the economy out of recession (Illinois Department of Employment Security and US Department of Labor). Nobody wants to see more funding of education or healthcare be reduced, so the options are very limited. Boulahanis 2 Gambling has been a touchy subject in Chicago with the historically large existence of organized crime. On the other hand, by implementing a state-run casino in the city of Chicago, the Government can create enormous revenues that will help to stimulate the economy of Illinois out of recession."