Casinos and Economics

Paper Summary:

In this article, the writer notes that casinos have become increasingly popular in the past few years as a tool to boost the growth of local economies. The writer points out that as casinos do generate local employment opportunities and enhance the local income, several rural communities in the U.S. have implemented a form of casino gambling as a way to revitalize their flagging economies. It has been the experience of these communities that casinos can, at the same time, generate tremendous profits as well as run up huge costs. The writer discusses that it is essential that community members, leaders, casino owners, casino managers and public officials analyze the issues that might affect the community directly in making the changeover to a casino gambling economy. The writer concludes that having seen both the negative as well as positive impacts of casino gambling on the economy of an area, it is essential to analyze both sides of the story and come to a balanced conclusion that will result in a win-win situation for everybody. The writer further suggests that the Las Vegas model has shown what a balanced approach to casino gambling can bring to the economy of the local community.

From the Paper:

"Many local communities have embraced casino gambling as a strategy to develop their local economies. The rationale behind developing casinos in their areas was to produce tax revenue and to keep the local gambling money within the community instead of losing it to other casinos outside the local community. Many US cities have been witnessing deteriorating fiscal health and have been exploring ways and means to turn around this situation. Casino gambling has steadily been emerging as one of the ways to attract revenue since the 1990s. In spite of being a popular choice as an economic development tool, the growth of casinos in the US has sparked off debates about the possible impacts on moral, social and religious life of the people. From the perspective of formulation of public policies, this debate is basically about four vital issues ..."

Sample of Sources Used:

• Brome, Heather. (2006, Sep) "Economic impact of casino development" Retrieved 23 April, 2008 from http://www.bos.frb.org/economic/neppc/memos/2006/brome091406.pdf
• Felsenstein, Daniel; Littlepage, Laura; Klacik, Drew. (1999) "Casino Gambling as Local Growth Generation: Playing the Economic Development Game in Reverse?" Journal of Urban Affairs, vol. 21, no. 4, pp: 409-421.
• Florida Council of Compulsive Gambling, Inc. (2004) "Economics Effects" Retrieved 23 April, 2008 from http://www.gamblinghelp.org/sections/effects/economic.html
• Goss, Ernest. (2002, Aug) "The Economic Impact of an Omaha, Nebraska Casino" Prepared for the Greater Omaha Chamber of Commerce, Retrieved 23 April, 2008 fromhttp://www2.creighton.edu/fileadmin/user/COBA/EconomicOutlook/docs/gambling.pdf
• Goss, Ernie; Morse, Edward. (n. d.) "The Impact of Casino Gambling on Bankruptcy Rates: A County Level Analysis" Retrieved 23 April, 2008 from http://www.issuespa.net/resources/pdf/impact_on_bankruptcy_creighton

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