Gambling as Investment?

Professor Goodman addressed Senator Spilka's Casino Love Fest and from his comments, I was impressed and curious.

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You might notice from the invited speakers, the "informational forum" was decidedly one-sided.

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One speaker whose description was clearly obscured is --

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Jennifer Lendler – Executive VP of Gaming Operations, Coastal Development

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Is that Gaming Operations for Harrah's that she said?

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The acoustics in the Gardner Auditorium were poor, but Senator, please! Let's at least be honest with the public.

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This is a short clip from Professor Goodman on WBUR last year --

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Gambling Industry Suffering in Economic Downturn
May 6, 2008 · Gambling revenues have
declined in Clark County, Nev., by 4 percent,
the first drop in revenue since Sept. 11, 2001.
Robert Goodman, former director of the U.S.
Gambling Research Institute, talks with Michelle
Noris about how the U.S economic slowdown
is affecting many industries in Las Vegas,
including gaming.

LISTEN


From Casino Watch (where Professor Goodman's comment letter appeared) ---

NO MORECOUNTY CASINOS
www.nomorecountycasinos.com
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JOBS
Every year the community will lose one job for
each slot machine in the casino.
Prof. John Kindt

"People will spend a tremendous amount of money
at casinos, money that they would normally spend
on buying a refrigerator or a new car. Local
businesses will suffer because they'll lose customer
dollars to the casino."
Donald Trump

36% of addicted gamblers lose their jobs.
Prof. Earl Grinols & Henry Lesieur

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EDUCATION $
Casino $ DO NOT INCREASE the budget for
schools. The education budget is a fixed
amount. The state removes any excess
money over that fixed amount to spend elsewhere.

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COST
Each addicted gambler costs consumers
$13,000 per year. $219 per person per year. Each
year it costs a family of 4 - $876 to subsidize gambling addiction.

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CRIME
Maryland Heights (with a casino) and more
police per person, has 2.5 times the drug, DWI,
and liquor crimes as its neighbor city without a
casino and twice the population.
Missouri Uniform Crime Report
Paid for by NO MORE COUNTY CASINOS, INC.:
Robert Carpenter, Treasurer 636-728-0603
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When Professor Goodman addressed the costs, Senator Michael Morrissey raised the grossly flawed argument about Massachusetts' residents bringing back gambling addiction from Connecticut without the state getting the revenues.

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Why is the argument flawed? Because impartial study after impartial study shows that within a 50 mile radius of a casino, gambling addiction skyrockets.

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This isn't a moral argument. This is an issue of the cost impacts that need to be considered before we subsidize wealthy casino investors.

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The more comments I hear from our state legislators, the more I doubt if they are capable of any reasonable cost/benefit analysis.

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Cost: Benefit Study Required
"We believe that once you examine the facts, the

revenue and expenses, and give casino/slots a fair

examination, they should be opposed because we

simply can't afford to subsidize wealthy investors."

The elected officials of the Commonwealth have a

solemn duty to perform due diligence on all matters that

come before them. A comprehensive cost:benefit study

of slots/casinos is required.