Oh, here we go one more time.
Yet again, gambling proponents are pushing for a casino in Chicago.
And yet again, Springfield is considering it.
As previously discussed here on Mattchat, Chicago is in deep doo-doo as far as their finances go. They need revenue. Badly.
And some think a casino will solve all their problems.
Nope.
Yes, jobs will be created. I get that.
But........
"While some want to capture the money Illinois residents are losing in other states, a casino in Chicago will create more gamblers with greater social costs, and more money will leave the state with casino companies or casino managers.
For every $1 of revenue gambling interests indicate is being contributed in taxes, it costs taxpayers $3 in social welfare, criminal justice, and regulatory costs, according to the U.S. International Gambling Report."
And......
"In what might be the best-case scenario, a city-owned Chicago casino would bring in $457 million a year, according to the state Legislature’s Commission on Government Forecasting and Accountability. Of that gross, more than $200 million would go to the state in taxes, and management fees would eat up, conservatively, another $150 million. That would leave the city with about $107 million."
You see that?
$107 million.
A drop in the bucket of what Chicago needs to get back on solid financial footing.
And don't forget all those video gambling machines that are popping up in shopping centers, clubs/halls, and gas stations.
Competition.
Leading to market saturation.
Leading to boredom.
Leading to casinos that don't perform.
Gambling is not the answer to Chicago's problems. It'll cause more problems than it solves.
Out for now......
Matt