Lack of Benefits Provided by Casinos

This is a great article from Esquire Magazine that helps to support my view (read here and here) that casinos in Ohio will neither help the economy nor its residences in the long-run.  It points out that, aside from Vegas, tax revenues never meet expectations, and neither do the economic benefits for the surrounding areas/businesses.  It also suggests that gaming may never again reach the levels seen in the mid-2000′s.  The author of the article also points out this interesting fact:  A 2005 study by the Federal Reserve found a statistically significant relationship between proximity to casinos in Mississippi and bankruptcy rates in the region, which includes impoverished states like Alabama and Tennessee. As someone who has spent more than a few hours at the blackjack table — and has a libertarian streak to boot —I have absolutely no business telling states they shouldn’t open more casinos. But as much as they’d like to, they’re not likely to find a lot of money there.”  I’ll say it again, I don’t think casinos should be viewed as the answer to solving Ohio’s economic woes.  When is the last time a casino improved an already-ailing local economy?!?!