NEW YORK CITY—While the social ills associated withgambling are well documented, but inmunicipalities have increasingly been turning to gaming operationsas a means of revuenue for other programs. EthanPenner thinks there's nothing good to this.
In his most recent post,he looks at the problem of expanding municipal investment ingaming, 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 highertaxation, as the money that is lost by people who cannot afford tolose will need to be replenished by a broadened social safety net.In essence it's a wealth transfer from all taxpayers to the casinoowners – and with a lot of heartache along the way. Sounds prettydumb to me."
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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.
