Casinos and Tax Revenue for States - Who Wins?
Yeah - who really wins when the revenues are in the toilet?
In Las Vegas, house prices have dropped 55 percent since peaking in August 2006, and the foreclosure rate is seven times the national average. Gigantic new condo towers sit nearly empty (real-estate pros call them "see-through buildings"), and unemployment tops 13 percent. The recession has sent casino revenues plunging 20 percent from two years ago.
"Up until the '90s, we never suffered with the downturn of the economy," William Thompson, a professor at the University of Nevada-Las Vegas and an expert on the casino business, told me.
The sad plight of "Sin City" is a morality tale for other municipalities seeking economic salvation through gambling. And it is against this dark vision that Ohio voters just approved casinos in their state.
At National Ledger - Casinos and Tax Revenue for States - Who Wins?
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Posted by Jay Brewer at November 13, 2009 7:47 AM
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