Except when you have too much of it
Trump Plaza owners confirm plan to close in September
The article goes on about how three casinos in Atlantic City are closing due to lack of business. Among some of the factors they point out are age of the casinos (maybe) and lack of Proper Government planning. One thing they gloss over is when they speak to the Unions. That's right, organized labor for the housecleaners, waitresses, and card flippers. I'm sure that had nothing to do with it. The biggest factor in my mind, however, and they cover some, is competition. The State has allowed the building of Casinos all over the Jersey coast and this has spread out the gamblers. The States see each new casino as a tax cash cow, and jump at the chance to allow more and "increase" the tax revenue. That's why Florida discovered an Indian tribe and reservation in downtown Orlando, and Detroit built one as well.The problem is there are a finite number of real gamblers. In a resort town, where you have people coming to spend money? Sure. In any city that is looking for extra revenue? Sorry, you are just taking money from one revenue stream and moving somewhere else. No new money is being created. Now, I like to gamble, but I use it as entertainment, not as a way to change my life or make a living, and I sure as hell will not drive to Detroit to go gamble.
So what has happened is that in their greed to get more money, but in their fear to raise taxes, or cut spending somewhere else, States have allowed the rampant growth of casinos. So now Gamblers don't have to drive to resort towns to piss their money away. So the States see a slight increase in revenue for a year or two, and then you get the loss of thousands of jobs and the revenue stream. This is what you get when people only think of the next quarter's profits or the next election. Long term planning may not pay out big on the front end, but it will keep you in the money a lot longer than making a fast buck.
As a side note, there is this show called Extreme Pawn, or something like that, set in Detroit. If you ever catch an episode, you will hear many of the people coming in to pawn are leaving there to gamble at the Casino and increase their money, or they lost at the Casino and need rent money. Some even lost their money, and are pawning to try and go win back the rent money. Is this a factor as to why Detroit is in the crapper? I don't know, but it can't be helping.