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American's Gambling $100 Billion in Casino's Like Rats in a Cage
http://www.marketoracle.co.uk/Article14128.html
Oct 11, 2009
By: James_Quinn <http://www.marketoracle.co.uk/UserInfo-James_Quinn.html>
The world is a vampire, sent to drain
secret destroyers, hold you up to the flames
and what do I get, for my pain
betrayed desires, and a piece of the game
even though I know-I suppose I'll show
all my cool and cold-like old job
despite all my rage I am still just a rat in a cage
despite all my rage I am still just a rat in a cage
someone will say what is lost can never be saved
despite all my rage I am still just a rat in a cage

Apr 30, 2020 In other words, it would take a worker earning $38,954 per year 337 years to earn the equivalent of one year’s worth of pay for Murren. The company’s workforce has shifted dramatically since then.

Smashing Pumpkins – Rats in a Cage
Americans throw away close to $100 billion per year gambling in casinos and playing lotteries. This only includes the amount spent legally. Illegal gambling accounts for billions more. This is the net amount spent. In reality, $60 billion is spent on lottery tickets or $600 per household annually. Another $100 billion is squandered in gambling casinos. This amounts to $950 per household. The $160 billion spent on gambling each year is indicative of the get rich quick without hard work attitude of Americans. Even worse, households with income under $13,000 spend, on average, $645 a year on lottery tickets, about 9 percent of all their income. Our government feeds this addiction by siphoning off billions in taxes from these gambling revenues to redistribute as they see fit. Government sponsored gambling is a regressive tax on the poor and is immoral. Politicians have become addicted to the tax revenues being drained from the deprived in the country.
Gambling was illegal in the U.S. until the Great Depression. Nevada legalized gambling in 1931 and over time, Las Vegas became the gambling capital of the U.S. Atlantic City joined the club in 1978, building casinos in the midst of crime ridden slums. Gangster Bugsy Siegel opened the Flamingo Casino in 1947 and an era of mob involvement began. Over the last three decades gambling has exploded, as Indian reservations have been allowed to open casinos as payback for 3 centuries of being slaughtered by the white man. Riverboat gambling and lotteries have sprung up across the nation in order to fill the state coffers. Abetted by Congress, legislatures from 48 states now sponsor gambling operations and lottery monopolies to balance their budgets on the backs of their underprivileged and most susceptible citizens, while basking in the virtue of fighting tax increases.
Rather than control costs, states find it much easier to lure the poor into parting with the little money they have. The amount of money frittered away on games of chance rose by 59% between 1999 and 2007. This coincided with the national debt induced housing frenzy and the high stakes gambling attitude on Wall Street. It warms the cockles of my heart knowing that people were taking out home equity loans to gamble at casinos. In 1999, the bipartisan National Gambling Impact Commission found that 80% of gambling revenue comes from households with incomes of less than $50,000 a year. Those who can afford to lose the least, are spending the most.
The incredible escalation of gambling, encouraged and sustained by local and state governments has done long lasting damage to the social fabric of society and has further impoverished those who have the least to lose. The gambling industry has grown tenfold since 1975, with 41 states now running weekly lotteries. Nineteen states now have legalized commercial casinos, while twenty-nine states have Indian casinos. There are a total of 450 commercial casinos in the country. The first online gambling site launched in August 1995. It is currently estimated that there are well over 2,000 Internet gambling Web sites offering various wagering options, including sports betting, casino games, lotteries and bingo. Internet gambling revenue for offshore companies was estimated to be $5.9 billion in 2008 from players in the United States and $21.0 billion from players worldwide, according to H2 Gambling Capital. Two thirds of all adults placed some kind of bet in the last year. The social stigma of gambling has fallen by the wayside.
According to recent research, about 2.5 million adults in America are pathological gamblers and another 3 million of them should be considered problem gamblers, 15 million adults are at a risk for problem gambling and about 148 million are low-risk gamblers. Gambling addiction is a compulsive need that can be devastating for the person and his family. Gambling addiction statistics show that more than 80% of American adults report having gambled at some point in their lives. Gambling addiction statistics reveal that well over $500 billion is spent as annual wagers. The statistics show that during any year, 2.9% of U.S. adults are considered to be either pathological or problem gamblers. The average debt incurred by a male pathological gambler in the U.S. is between $55,000 and $90,000. The average rate of divorce for problem gamblers is nearly twice that of non-gamblers. The suicide rate for pathological gamblers is twenty times higher than for non-gamblers. 65% of pathological gamblers commit crimes to support their gambling habit. All of these wonderful side effects are fully supported and subsidized by the government.
I’m completely in favor of allowing citizens to do anything they want with their money. It’s theoretically a free country and if people chose to gamble with their disposable income rather than contribute to their 401k or kids college fund, that is their choice. What I do object to is state and local governments turning to gambling in an attempt to plug their budget deficits caused by doling out ungodly generous benefits to state union workers and frivolous wasteful pork projects designed to get lawmakers re-elected. The facts are that gambling negatively impacts the uneducated poor, senior citizens, and young adults the most. Government is preying on the ignorant to support their unquenchable thirst for more funds to support their social agendas. Gambling has been legalized in States and Cities run by Republicans and Democrats. But, the facts are that the venues with the largest gambling empires are controlled by the Democratic Party and have been for decades. Las Vegas, Atlantic City, Chicago, Connecticut, Detroit, and St. Louis are Democratic strongholds. It is not surprising to me that cities with the highest poverty rates such as Detroit, Atlantic City, and St. Louis are most dependent on taxes from gambling. The hypocrisy of the politicians in these cities is mind numbing. They are truly vampires draining the poor of the little they have to allegedly pay for programs to help the poor. Instead, the money is funneled to unions and crooked politicians.
TOP 20 U.S. CASINO MARKETS BY ANNUAL REVENUE
Gross revenue is earnings before taxes, salaries and expenses are paid — the equivalent of sales, not profit.
It is utterly disgusting that players with annual incomes of less than $10,000 spend almost three times as much on gambling as those with incomes of more than $50,000. With the vigorous support of state governments, US gamblers, many of them scraping by on insufficient incomes, had to lose $92 billion last year in casinos and lotteries for the states to raise $24 billion in new revenues. Most states gain political support for their lotteries by earmarking them for appealing causes such as education, schools, roads, and parks. How warm hearted. But there is no practical way to prevent a legislature from allocating these revenues to other reelection-prompting purposes. Revenues derived from gambling take money from poor families that would have been spent on such trivial expenses like food, utilities, mortgages and rent. The chart below unmistakably proves that the state is picking the pockets of the poor, ignorant and minorities. High School dropouts spend 125% more on lotteries per year than College graduates. Blacks spend 57% more than Whites.
The other group most abused by the nanny State is senior citizens. Researchers at Pennsylvania State College of Medicine and the University of Pennsylvania surveyed 843 elderly people 65 years and older and discovered that 70 percent had been involved in at least one gambling activity in the past year and 11 percent fit the criteria of at-risk gamblers: they had recently laid down more than $100 on a single bet and/or they had bet more than they could afford to lose. Seniors are more likely than younger people to be living on fixed incomes-so even small losses can have a big impact. And they're more likely to have some type of age-related mental impairment affecting their ability to bet responsibly. Dr. David Oslin, the author of the study, stated,
'These seniors who are at-risk may not be ready for gamblers anonymous but many of them don't have a lot of money and spending on gambling could mean that they won't have anything left to buy medicines.' Casino corporations are brilliant at marketing to senior citizens. Casino corporations segment local markets, track prospects' and players' observed worth, define their predicted value, and systematically maximize individual 'share of wallet' through targeted and customized promotional messages, limited-time cash offers, and carefully tracked time-to-response and spending analysis. This is highly sophisticated and systematic coercion of granny. The casinos compensate their politician sugar daddies to the tune of $27 million in lobbying (aka bribes) dollars per year.
ANNUAL CASINO/GAMING LOBBYIST SPENDING

Now that the politicians and gaming industry have tied up the senior market, they have shifted their focus to addicting teenagers and young adults. TV glorifies poker tournaments on ESPN. Internet gambling sites make it as easy as pie to develop a gambling addiction. All you need is a credit card to initiate your addiction. Gambling among young people is soaring as 42% of 14-year-olds, 49% of 15-year-olds, 63% of 16-year-olds, and 76% of 18-year-olds have gambled. According to the American Psychological Association Internet gambling could be as addictive as alcohol and drugs. Government is robbing the most susceptible in our society, the young, the old, the poor, and the ignorant, to fund their grand plans.
My home state of Pennsylvania passed its $28 billion annual budget yesterday, three months after the start of the fiscal year. The economic crisis has crushed state tax revenues. This should have forced lawmakers to make tough decisions and cut costs. The humungous government bureaucracy has plenty of room to be pared back. Instead these brave politicians decided to for permit gambling on poker, blackjack and other so-called table games at the state’s slot-machine casinos. The Democratic Governor, Fast Eddie Rendell, formerly the mayor of Democratic controlled Philadelphia, refused to fire any unionized State employees. Pennsylvanian politicians would rather take the easy way out by imposing a regressive hidden tax on the poor to support unionized casinos and unionized State employees. Democrats know where there bread is buttered.
now I'm naked, nothing but an animal
but can you fake it, for just one more show
and what do you want, I want change
and what have you got
when you feel the same
even though I know-I suppose I'll show
all my cool and cold-like old job
despite all my rage I am still just a rat in a cage
despite all my rage I am still just a rat in a cage
someone will say what is lost can never be saved
despite all my rage I am still just a rat in a cage
Smashing Pumpkins – Rats in a Cage

The Government, which portrays itself as the protector of the poor and disadvantaged, has further impoverished those they pretend to defend by expanding casinos and lotteries throughout the land. These politicians can’t possibly be so dim-witted that they don’t understand that gambling has an adverse impact on the unfortunate and uneducated. I’ve concluded that these politicians just see us as rats in a cage. The only thing that drives them is power and money. They do not care where they get tax revenue, as long as they can get re-elected by doling out the dough to the right constituents. The uneducated and minority poor spend money they don’t have on State initiated games of chance. The State collects lottery revenue and taxes on casino revenue to pay for welfare programs that keep the poor trapped in poverty. Keeping the ignorant masses sedated with games of chance, easy credit, and welfare checks allows politicians to retain power and control. Despite all of our rage, we are still rats in a cage.
Join me at www.TheBurningPlatform.com <http://www.TheBurningPlatform.com> to discuss truth and the future of our country.
By James Quinn
used by permission
quinnadvisors@comcast.net
James Quinn is a senior director of strategic planning for a major university. James has held financial positions with a retailer, homebuilder and university in his 22-year career. Those positions included treasurer, controller, and head of strategic planning. He is married with three boys and is writing these articles because he cares about their future. He earned a BS in accounting from Drexel University and an MBA from Villanova University. He is a certified public accountant and a certified cash manager.
These articles reflect the personal views of James Quinn. They do not necessarily represent the views of his employer, and are not sponsored or endorsed by his employer.

If you’re entertaining dreams of owning your own casino one day, you’ll need anywhere from a few thousand dollars to a few billion.

The casino business is so lucrative that every time a new casino opens as “the most expensive casino ever built,” investors pop champagne bottles and raise a toast. It wasn’t always that way. Only a few decades ago, casino operators built on slim budgets.

Steve Wynn gambled big in the late ‘80s when he opened The Mirage in Las Vegas. Wynn and his backers invested an unheard-of $630 million in the new casino. At the time, industry analysts calculated the casino would have to turn an average daily profit of at least $1 million to meet its financial obligations.

In 2019 dollars, that isn’t so bad. If a casino has only 1,000 gaming machines, it can turn a $5 million daily profit just by retaining an average $1000 per machine.

According to a 2015 Las Vegas Sun article, about 40 million people visited Las Vegas on an annual basis at that time. That works out to nearly 110,000 visitors to Las Vegas daily. There are just over 100 casinos in Las Vegas.

In 2017, it was then reported that annual visitors had climbed to more than 42 million.

If each visitor loses only an average of $100 per day, Las Vegas is raking in $11 million in casino earnings every day. The reality is much more startling.

In 2013, the University of Nevada, Las Vegas published a study on the daily revenues of the 23 big casinos on the Strip. To be included in the study, a casino had to produce gaming revenue at least $72 million a year. The average for each of the big 23 turned out to be over $230 million per year.

That’s a far cry since The Mirage opened in 1989, but competition has changed the city’s gaming industry. Here is a deeper look at what it costs to build a casino.

Location, Location, Location

If you want to build a casino for as little as possible, buy cheap land. Where that wicket becomes sticky is in finding the right land. Not only do you need favorable laws allowing gambling and zoning for casinos, but you also need at least a good nearby highway.

Las Vegas is a hub for three Interstate highways and several US highways. The city is also home to McCarran International Airport. About 40 million passengers pass through the airport every year.

Considering AmTrak carries passengers to the city as well, tourists visit the city by car, bus, train, and plane.

If you decide to build your own casino, lacking the transportation channels that Las Vegas boasts means your location will attract fewer annual visitors. This probably explains why few cities dominate the casino industry. The casinos need both good zoning and access to transportation to attract visitors.

Hence, you should expect to pay a lot of money for the land.

Size Counts In Every Way

The Mirage currently boasts about 2,000 slot machine games. While that sounds like a lot, the WinStar World Casino in Thackerville, OK has about six times the floor space as The Mirage. The WinStar opened in 2003, making it 14 years younger than The Mirage.

According to their website in 2019, the WinStar holds about 8400 slot machines. They also have a 55-table poker room, all squeezed into 400,000 feet of floor space. If you want to compete with the WinStar, you’ll need a lot of floor space and thousands of more games.

The casino is owned and operated by the Chickasaw Nation, who had plenty of available land for development. That’s an advantage over the average commercial developer. By owning the land as part of their reservation, they were able to invest more in creating a high-quality resort.

You Need a Hotel and Restaurant

One reason why good casinos cost so much to build is the bigger casinos contain or are paired with big hotels. By providing their visitors with safe, comfortable accommodations, they ensure those visitors spend more time in their gaming areas.

On-site entertainment and dining venues enhance the hotel and casino experience. The farther away from Vegas and Atlantic City one gets in the United States, the less extravagant the casinos tend to become.

Only a handful of states and cities allow commercial casinos to congregate in their jurisdictions. The demand for suitable land limits the competition.

Biloxi, MS is North America’s third big commercial casino hub.

The Beau Rivage may be the best known of the Biloxi casinos. They only offer about 1800 slot games. Owned by MGM Resorts, Beau Rivage promotes its hotel, entertainment, dining, and nightlife venues equally with the casino.

These are not afterthoughts. They are part and parcel major pieces of the whole package.

According to Fixr.com, the average cost of a hotel in the United States is just over $22 million. A hotel comparable to the resorts at WinStar or Beau Rivage will easily set you back in the hundreds of millions of dollars.

Factor in the Cost of Games

Assuming the hypothetical new casino brings in a lot of slot machines, how much do they cost?

The website HowMuchIsIt.org rounds up a list of price ranges for popular slot machines. Expect to pay at least several thousand dollars per basic game. The enhanced games may run $30,000 or more for the consoles.

If you can bring enough people in, the games should pay for themselves in only a few months. That’s not so bad.

However, the games will need to be maintained. A new casino must include the cost of hiring qualified staff or for paying authorized service contracts.

Plant Operations Are Expensive

Whether you’re building a roadside casino with 100 machines or planning a massive resort with more than a handful of casino games, the buildings will need electricity, water, heating and air systems, sewage, and maintenance areas.

Assuming a modest 200-room hotel is built on the property, it will have its own plant facility. Ditto for a small restaurant.

This new casino will need tools and equipment no one thinks about when pushing buttons and counting cards. There are lighting systems, sound systems, security systems, communication systems, and staff offices.

Employees will need dressing rooms and lockers, or at least their own break room.

Administration will need at least one office, maybe two if there is a dedicated full-time security team.

The cashiers will need a counting room and vault.

All these facilities must be built out, equipped, and brought online. This is all before you hire your first employee.

Conclusion

If the idea of building a new casino seems crazy, it is. This is an industry for billionaires and rich investment fund managers to play in. It’s not for the faint-hearted or small business person.

It’s true there are hundreds of small casinos that do just fine. With only a few dozen to a few hundred games, they cater to local customers. They don’t need big highways, trains, and airports.

Even so, the cost of setting up a small commercial will run into the millions of dollars. Most communities won’t accept commercial casinos. Most states don’t license them. The Native American tribes may contract with casino management companies but only the big ones.

How Much Money Do Casinos Make In A Year In Pa

In short, it costs a lot of money to open a casino. Buying one is out of the question for most people. Donald Trump is believed to have lost about $1 billion in investors’ money by trying to buy his way into Atlantic City.

How Much Money Do Las Vegas Casinos Make A Year

How Much Money Do Casinos Make A Year

Short of inheriting a small fortune or casino, this kind of development is one game well beyond the reach of typical investors and small business owners.