“Gambling is just never going to recover,”................

“Gambling is just never going to recover,”.................

Lawmakers and voters delude themselves into believing somehow, the $$$$ will fall from the heavens like manna even though the GAMBLING MARKET IS SATURATED.

In the case of Massac...husetts, Rhode Island bailed out their 'casinos' and Rhode Island is not doing as well economically as Massachusetts.

Connecticut is a financial basket case that couldn't even afford to fully fund the Spectrum Report. They're bailing out the Tribal Casinos, taking a hit because of declining revenues, excessive debt and GAMBLING MARKET SATURATION.

Will folks wake up?

University of Delaware professor says Delaware casinos won't recover

James Butkiewicz says lawmakers wishing on a star if they think so

Oct. 12, 2013
Written by Jonathan Starkey
The News Journal

The head of the University of Delaware’s Department of Economics says state officials should find ways to reduce Delaware’s reliance on casino revenues, with regional competition squeezing Delaware’s three casinos and the state budget.

“Gambling is just never going to recover,” said James Butkiewicz, department chair.

“They’re kidding themselves if they think it is. You don’t go from a monopoly to competition and make the same rate of return.”

Butkiewicz’s comments come as a public task force continues to meet to review Delaware’s casino industry, and possibly recommend changes to gambling taxes.

Finance Secretary Tom Cook chairs the Lottery and Gaming Study Commission, and several state lawmakers are members.

In public presentations before the task force on Tuesday, all three of Delaware’s casinos said they are experiencing drops in revenues due to regional competition.

Delaware Park is forecasting a 17-percent drop in revenues in 2013. Harrington expects to lose about 4 percent. Dover Downs’ revenue from slot machines has fallen more than 20 percent since 2007, executives said.

Taxes on slot machines represent, by far, the largest portion of Delaware’s lottery revenues, which also include money from table games, a sports lottery and traditional lottery tickets.

State tax collections on gambling are predicted to fall to $227 million in the current year, which would be the lowest total since 2004. The revenue funded more than 6 percent of the state’s operating budget last year.

Butkiewicz said state officials are “whistling in the dark” if they expect to reverse the trend.

Cook defended the state’s policy on gambling, saying lawmakers and members of the Markell administration have diversified by adding table games and Internet gambling.

“I don’t think you can be in this game and just throw up your hands and just give up,” Cook said.


http://www.delawareonline.com/article/20131013/NEWS02/310130041/UD-professor-Casinos-won-t-recover