How Appropriate Is It To Have A Casino Everywhere?
Remember the days when it was a big deal to go to Las Vegas or Atlantic City and throw a few bucks down on
black or red and possibly pull a few slots? It was fun to make a trip of it. Yeah, you would lose a lot of money more often than not, but usually you didn’t gamble away your house or first born prior to leaving. Hence its better play all these games online rather than in person as online games allows you to play high limit slots without any issue. The chances and probability of losing assets while playing online gaming is almost nill as no sane person in their right mind would just hand out their priced possession in that manner.
Now it seems like there’s a casino in every town in the country with Philadelphia being the largest major city to have one. Taking apart ones like casinos online at EasyMobileCasino.com. On the east coast you can gamble in Philly, Connecticut, Jersey, hell, you can even throw a bet down in the Poconos. In fact, there are 35 states in the US that have hotel casinos. How did this luxury of going to the casino turn into a vice that can be accessed in nearly every town you pass through?
Well, it’s very simple. There is an enormous market for gaming and the profit margins are equally ludicrous. I recently read on https://www.boomtownbingo.com/ that the new Sugarhouse Casino in Philadelphia projects a profit margin of 20%. Just as a comparison, general contractors project a profit margin of about 5%. However, the profits on casinos are taxed heavily, those that can’t be evaded of course. I read that the tax rate on casinos in Pennsylvania is 54%.
So here’s the deal. The politicians in Pennsylvania, specifically Ed Rendell who made a complete ass of himself in his interview on 60 Minutes on Sunday, were unhappy that people were spending all their gambling dollars in Atlantic City; creating a situation where people where losing all their money and going broke, but spending that money in New Jersey instead of Pennsylvania.
Rendell was pressed on 60 Minutes about how people in Philadelphia may be more likely to gamble if a $500 million casino with the fastest payout sa casinos has ever seen would be built right in their back-yard. He gritted his teeth, raised his voice and replied, “You’re not getting it, those people would lose that money anyway. Don’t you understand?”
No, we don’t understand. And the reason we don’t understand is because it isn’t true. You’ve got to have a screw loose to think that people will gamble the same amount they spend doing free bet online over the course of a year when there is a huge luxurious casino on their way home from work everyday vs. casinos 60 miles or more away.
And just for the record, it’s not like the proceeds from online casinos like barbadosbingo.com are going directly to the government like the lottery or something. There are several very rich people profiting immensely off the operation of this thing, making rich people more rich and poor people more poor. But hey, that’s capitalism and the alternative is much worse.
At least they’ll save the gas money to AC.
