Tuesday, December 16, 2008

About the potential for a casino

I will give Mayor Henry credit for holding the line and insisting that no public money be used in building a casino in Fort Wayne. It is important to hold that line in bad economic times. It is also important to hold that line in good to mediocre economic times, since that kind of thing can lead to bad economic times. While I have nothing against casinos, it should be stressed that the primary economic beneficiaries of a casino are the owners. That is also true for most businesses, since businesses that do not benefit their owners typically close in short order.

I do have my doubts that a casino would have long term viability, but I welcome any potential casino investors to try their luck here.

5 comments:

Jeff Pruitt said...

Robert,

Our system is screwed up. Bar owners get their Cherry Masters taken away but if you have enough sway with the state legislature then you can buy a casino license.

That's about as far from free market principles as you can get...

Robert Enders said...

Good point! I forgot about Cherry Masters. Why is it a social ill that needs to be stamped out when a restaurant or gas station want to put in a single slot machine, yet it's an economic boon when a casino wants to put in 200 slot machines?

fairplaybeach said...

River City set the record on Cherry Masters busted in the mid 90's. I believe it was 21 (I may have video somewhere of the story). And they still haven't been returned. ...while American Legions were allowed to have theirs.

fairplaybeach said...

That was during the 2 years when it was the highest purchaser of alcohol (95, 96). I might be wrong and it was mid to high teens. I just remember a lot of busts all over the place. I played it once but just thought it was stupid.

tim zank said...

It's pretty hard to make a coherent argument against any form of gambling when our economy is based upon it.

We call the stock market "speculation" and cherry masters "gambling"??

Give me a break