“It just gives you a dirty feeling, like you want to take a shower.” — Glenn Straub, on the interminable bankruptcy auction for Revel, now adjourned until Sept. 30.
A study by — you guessed — proponents of a racino in Colorado is projecting some hard-to-believe numbers, contingent upon Arapahoe Park being approved for casino gambling in November. They’re predicting $418 million in statewide economic impact, including $114 million in tax revenue. Mind you, the state’s existing casinos have struggled to generate new tax dollars after a 2008 gambling expansion in the mountains. Amendment 68 supporters are also forecasting 2,300 new, direct and indirect jobs stemming from a racino.
When pressed, pollster Thomas Zitt allowed that Arapahoe Park would drain 15% of business off the casinos in mountain cities like Black Hawk. However, the bipartisan Legislative Council projects a Continued >>
With the gaming industry temporarily exhausted from over-expansion and saturation, USA Today has chosen this moment to pounce with an anti-gambling editorial. The graybeards on the USA Today editorial board clearly haven’t been paying close attention — racinos in Delaware, for instance, are hardly a ‘recent’ phenomenon. And they do make a couple of good points, such as: “The farther gambling spreads, the less likely it is to produce the gusher of revenue that entices states to approve it in the first place.”
However, the paper’s solution would do Carrie Nation proud. “Ultimately, states with gambling will be primarily be extracting money from their own residents. At best, this is Continued >>