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The Economic Impact of Casino Gambling - Essay Example

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It is important to highlight that many casino gambling points are licensed by the state or local governments, giving casinos a legal base for operation. The economic outcome of…
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The Economic Impact of Casino Gambling
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The Economic Impact of Casino Gambling

Download file to see previous pages... Person 1 says that casino gambling is licensed, monitored and controlled by the local government or state. As a result, earnings made by casino operators are taxed, over and above payments made for license fees. The local government or the state further uses the tax revenue to run public projects that are healthy for economic growth and development.
Fiscal and social costs are the second impact that was highlighted by Person 2. He linked casino gambling to the realization of externalities in the society. While there are positive externalities that relate to gaming and entertainment, Person 2 pointed out a number of social costs in relation to casino gambling. These are: crime, business and employment costs such as lost time on the job, bankruptcy, suicide, illness, direct regulatory costs, family costs such as child neglect and abuse, and abused dollars (Walker, 2010).
Person 3 considered the extent to which casino gambling complements other sectors in the economy. Many casino gambling points attract locals and foreigners, many of whom are domestic and international tourists. Casino activities therefore boost tourism, and further extend the underlying benefits to sectors that deal with manufactured products, transport and communication among others. In other words, casino gambling encompasses more than just gaming and entertainment.
Person 4 evaluated the effect of casino gambling on state lotteries. The main argument in this point is that gambling is harmful to state lottery. Local governments and states raise significant revenues from lotteries. However, the casino gambling effect on lotteries is negative. Due to low participant activity as compared to casinos, many lottery players are turning to casino gambling. Casinos are also characterized by rapid money exchange, a scenario that exacerbates the need to play. Revenue generation from lotteries therefore decrease as casino gambling increase. Diversity in local government or ...Download file to see next pagesRead More
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