Casino, gambling not a good way to invest

Casino, gambling not a good way to invest
By Bob Cuttino blufftontoday.com
Savannah

There is news that a gambling casino employing a lot of people and expected to generate a lot of money is likely to be built in Hardeeville. In other investment news there was an article about the high yield for those who “invest in sin stock.” So I googled “investing in sin stock” and learned much more. Merrill Lynch recently examined the performance of alcohol, tobacco and casino stocks in all recessions since 1970 and found that while the S&P 500 fell 1.5 percent on average, “sin stocks” rose 11 percent. The article went on to say, “History shows that people do not drop their bad habits in hard times.”

“Sin stock” is identified as alcohol, tobacco, gambling (gaming or casinos), pornography and some add firearms. I was first exposed to this serving as a trustee on the Sunday School Board of the Southern Baptist Convention in the 70s and early 80s. $90 million a year was the income and the bylaws of the SBC required about 40 percent of all institutions be held in savings in case of national emergencies. So $40 million was carefully invested by a financial committee and in their reports to the trustees, they always explained they would not invest in any alcohol, tobacco, gambling or “sin stock.” They Sunday School Board’s investments were listed in the top 1 percent of American stock investments.

Not too many years back, a number of gambling establishments were built on U.S. 17 by the Savannah River. A woman left her infant baby in a hot car until it died while she was inside gambling. Other horror stories came out showing what the addiction of gambling causes. “Addiction” also applies to alcohol and tobacco and pornography. I understand those wanting to build this tremendous casino are Indians from the Midwest and the legislators and community leaders must decide if investing in “sin stock” is worth it. It will draw many people, many new jobs, much money and — I am sure — much sorrow. Selling drugs brings in a lot of money until you’re caught. A lure of sin is quick profits until you’re arrested.

There are many jobs and industries that would reward the investor and make our country stronger without having to rely on “sin stocks.” I’ve counseled too many addicts of alcohol, tobacco, gambling and pornography to ever put this in the class of “helping the economy.” Las Vegas has the highest suicide rate in America. I believe in thoughtful investments whether through stocks and bonds or buildings, but never invest in something that will eventually hurt so many people.

Gambling is coveting and the Ten Commandments tell us not to covet. Let’s encourage our children and friends to invest so that everyone benefits. We should be ashamed that we depend on gambling to pay for education. There are better ways.