NEW YORK CITY—While the social ills associated with gambling are well documented, but in municipalities have increasingly been turning to gaming operations as a means of revuenue for other programs. Ethan Penner thinks there's nothing good to this.
In his most recent post, he looks at the problem of expanding municipal investment in gaming, and finds that the house is still the only winner.
Penner writes:
"In the end it seemed to me that gaming is sure to result in higher taxation, as the money that is lost by people who cannot afford to lose will need to be replenished by a broadened social safety net. In essence it's a wealth transfer from all taxpayers to the casino owners – and with a lot of heartache along the way. Sounds pretty dumb to me."
To read the full post, "Gambling Economy," click here. To read more posts from Ethan Penner, click here.
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Geoffery Metz
Geoffery Metz is the content manager for ALM's GlobeSt.com, Credit Union Times and Treasury & Risk. Before joining ALM, he spent several years overseeing the newsroom at the financial wire service Business Wire, with special focus on multimedia presentation for the web.
