Is legalizing casino gambling good for New York?

Is legalizing casino gambling good for New York?
February 2nd, 2012

Before getting into the statistics and opinions of economists regarding this idea, I offer the following thoughts. There’s a proverb that says, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” Solomon. It’s depressing to me when government promotes the giving of wealth without earning it. It cuts against the grain of what made this country great where by the sweat of your brow and brains, you had the freedom to pursue happiness with the expectation of being able to keep a good portion of the profits gained having risked your time and assets. You are usually more appreciative of those profits knowing what it took to obtain them and then better stewards in spending them. There are some in the halls of government who think they know better how to spend those profits than you, the individual. Appealing to the vices of people’s desire of earning a quick buck, (i.e. gambling), the only one earning that quick buck directly is government who than squanders those proceeds for social justice causes. Lets look at some facts regarding the matter.

Last week a survey of economists found that most believe legalized casino gambling would have a negative impact on the economy.The survey was conducted by Center for Thrift and Generosity at the Institute for American Values in New York. Although the full survey has not been released as of yet, the press release says that 68 percent of the economic responders said that gambling is “economically regressive.”

One of these responders was Union College economist Prof. Mary O’Keefe who said casino gambling “is not just economically regressive, it is sociologically destructive to the community.” NYCF

State Comptroller, Thomas DiNapoli, released his audit of the New York Racing Association (NYRA). They have not only failed to implement recommendations from many previous audits but have not paid all the money owed to winners.

NYRA is expected to lose $20 million this year. It declared bankruptcy in 2006, but received a $100 million bailout from the State Legislature.

NYRA received tens of millions from a taxpayer-funded government bailout, but still CEO and President Charles Hayward hiked his own salary to a staggering $473,800 in 2010.

Newsday notes, “The state’s gambling operations have become increasing convoluted, from off-track betting payments to NYRA to the New York City OTB closure to the Suffolk OTB bankruptcy filing to Indian casinos, and back to the slots players subsidizing horse bettors, and owners.”

Governor Cuomo now wants to expand NYS government’s role in various gambling interests by changing the state constitution that prohibits this activity. Currently abusing the constitution with Indian owned casinos, at least they want to go through protocol to change the constitution to be legal. Does this make you feel any better?

There is plenty of money the State receives to fund essential services and then some, but current occupants don’t have the moxy and courage to prioritize our needs that would better serve the public at large. That’s why career politicians are not condusive [sic] to a sustainable political model.