I've spent a good deal of time exploring the details of gambling in Shreveport, LA. Shreveport is the largest gaming market in Louisiana, because it draws heavily from Texas. With my work, I have gotten an inside look at the financial operation of casinos.
Here's a rule of thumb: unless your gaming district is relying on "tourists" (defined as people outside your regional economy) for at least 60% of total gamblers, there's no way that a gambling boat helps you. More money is flowing out of your economy than is flowing in. (That calculation includes supplier purchases and wages paid for the new jobs.)
Even with a high proportion of tourists, I vote against gambling. There are a lot of other costs that are difficult to calculate. In Shreveport's case, for example, organized crime has a heavy influence on local politics.
Here's one side of the debate going on in Milwaukee. Here's another from Minnesota. And another from Massachusetts.
posted by Ed Morrison |
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Some Background on EDPro Weblog
The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it.
One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information.
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Speaking and workshops on Open Source Economic Development
As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking.
Background on Ed Morrison
Download some background information on me here.
Is gambling economic development?
