Residents are well aware that the Southern Tier region is economically depressed and that there is need for a serious jobs program throughout the state, but there is little evidence that the expansion of casinos would do much more than increase the wealth of casino moguls and real-estate developers like Jeffrey Gural. Casinos require relatively minor investment. The jobs created are largely low-paying and offer little opportunity for advancement or skills that are transferable to other industries. In addition, studies have shown that the huge sums they generate are largely taken from the pockets of the working class and given to the state and wealthy investors. Meanwhile, less money is spent on other goods and services, effectively acting as an economic drain on any region that has a casino but is unable to attract wealthy tourists willing to part with their money. Furthermore, the industry as a whole has been trending downwards for years, as more and more cities build them to “revitalize” their economies and online gambling increases in popularity. Atlantic City, New Jersey, once a major gambling location on the east coast of the US, has seen casino revenue decline for the past eight years and several major casinos have closed in the past year, leaving thousands jobless. The Revel, which stands 70 stories high and cost $2.4 billion, has filed for bankruptcy twice since it opened in 2012. It most recently closed in the summer of 2014, and was recently purchased for $95.4 million by a Florida real estate magnate. The casino had received over $200 million in state tax incentives throughout its short period of operations.
Posted on: Sat, 24 Jan 2015 04:00:01 +0000
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