New Research Shows That Casinos Are Detrimental to Property Values David Frump, CNN contributor and contributing editor at The Daily Beast says that casinos are bad for property values and don't revitalize troubled areas. Frump claims that the Government doesn't realize the damage they cause because it gets tax revenue from casinos. What is the harm? This is the challenge that the casino industry faces. The Institute for American Values has released a new report that provides the solution. Casino gambling was almost illegal in America, until the 1980s, and as recently as 2003 it was illegal in New Zeeland. Casinos are now legal in 23 states, and in most places around the world.. These casinos have not been approved as grand hotels in Las Vegas style. They are drawn from the nearby areas. They don't stay overnight. They won't go to a movie or dine in a fancy restaurant. Most importantly, they don't play poker. Online Casinos May be the Answer Computer gambling is the future of casino gambling, according to https://www.gambleusa.com/. A typical casino gambler is one who sits in front of a computer and uses a credit card to enter a digital environment that will keep them entertained. There is really no benefit to the gambler to be in a brick and mortar establishment any longer. The same experience and often higher payouts can be had online. Although small "wins" can be given at the most psychologically beneficial times, the math is simple: the more you play, the more money you lose. The entire industry targets those who are least able to afford it and makes most of its income from people who have turned gambling into a habit. According to the IAV report, a Canadian study found that 75% of casino customer’s play very rarely and only 4% of their casino revenues. State-by-state, the payouts for slot machines vary. For example, 83% is required in Arkansas. Other states leave this decision up to casinos, such as California and Georgia. In some states, casinos are required to disclose the amount they have paid. Some states require that casinos disclose their payouts. In other cases, this information is kept secret. However, the published information suggests that players can lose between 10% and 15% of their stakes at each session. Payouts are lower if the game is cheaper. For example, $5 rounds of slots pay more than those that cost a penny. Online Casinos publish their payouts and make it easy to find the best game. Negative Impacts on Property Values According to the National Association of Realtors, casinos have a negative impact on local property values. Casinos do not revive local economies. They are parasites on them. The problem gambling rate is doubled in communities located within 10 miles of a casino. These communities are also more likely to experience home foreclosures, other forms of economic distress, and domestic violence. In 1977, New Jersey opened casinos in Atlantic City. Casino advocates claimed that gambling would revitalize the town's economy. As promised, the casinos created jobs. Merchants expecting foot traffic to Atlantic Avenue in the city were disappointed. The money that goes to the casinos stays in the casinos. The city's once-premier retail area is now lined with liquor stores and cash-for-gold outlets. New York Casinos Experience the First-Year Boom According to the IAV, before the advent of casino gambling, most gamblers were more wealthy than the average person. It was expensive to travel to Las Vegas. This is no longer the case. The majority of customers for modern casinos are low-income workers and retired people. Because this industry is an important source of government revenue, the decision not to allow casino gambling shifts the cost of government from those who are wealthier to those who are poorer and, within the poor to those with addiction problems. You can Get more information here. Thank you for reading and have a great day!
