gambling economy
Tuesday, June 15th, 2010gambling economy
Is MGM and the Sands good stock choices in this economy?
I am think about buying shares in these stocks. Even though the economy is down (per se), people still like to gamble and go to Vegas. I am thinking about buying shares and holding them for about year or two. Any thoughts or suggestions?
I think Las Vegas has huge problems. Air travel will not get cheaper, airlines are barely making it now. Local casinos are popping up across the country. The stock can do anything in the short term, but the 1-2 year odds are heavily against you. This assumes we do not have massive inflation which drives up the price of anything (and would make any stock look good).
gambling economy
Hr 5767 and the Future in Usa Based Online Gambling
Ron Paul and Barney Frank introduced bill HR 5767 in order to prohibit the US government to ban online gambling in the United States, this after the introduction of the actual ban itself called the UIGEA (Unlawful Internet Gambling Enforcement Act). The bill recently came to vote in the US government and lost. Its aim was to stop this ban and have the US government regulate national gambling, which would in turn generate billions in revenue for the government over the course of a decade.
It is quite shocking and sad to see that the bill did not pass in congress. First of all, the bill would have been a great help to the already damaged US economy as the revenues the government regulation would bring into the government are in the billions over the course of a decade, and that is just the start. Another positive fact is that if the bill were to have passed, the government would be able to successfully, or improve its monitoring on US citizens making bets online, as the current situation clearly states that Americans are still gambling despite the fact that there is a current ban on internet gambling operations, and that the UIGEA law has failed. It is much better for the government to regulate and stop impeding Americans to gamble online than to ban the whole process altogether and fail in the ban itself while not taking in revenues from online gambling operations.
The bill was turned down in part due to the Las Vegas entrepreneurs and operators lobbying the government in order to succeed in the ban due to the reasoning that since Americans will not be able to gamble online, where else than Vegas to make bets, wagers, and have a good time in general, therefore promoting tourism and economic activity in the city.
The future is quite grim after HR 5767 failed to pass as now the ban remains, and Americans will not be able to gamble online, at least for a long time until another bill like this one comes to the senate floor for discussion. It would have been better for the government to lift the ban, and promote the Las Vegas entrepreneurs to compete with each other over the internet than to ban the gambling operation and stop from gaining billions in taxes and earnings from regulation.
In places like most European countries, this type of gambling has become acceptable, and has grown in staggering popularity. Governments take in revenue from online gambling operations, and punters are happy performing bets online in fair regulated markets. USA based casino operators should learn from these already successful methods of gambling operation s and try to promote it in their own country instead of trying to impede it in order to make their clients go in a physical manner to their casinos. It is much cheaper and much more effective to have online virtual portals than to spend billions in physical infrastructure.
About the Author
Written by Carlos Fernandez. Find the latest information on Bookmakers as well as Sports Betting and Football Betting
How will New Orleans reinvigorate its economy?
It’s no secret the Big Easy is inundated with hardship during this post-Katrina era. Ray Nagin is becoming unpopular among the locals, nonetheless. Meanwhile, I wonder how the Bayou City will bring back its economy and attract more tourists. Should they legalize gambling and tax it? What about prostitution? I know it’s not legal there, but it’s not frowned upon either. Should the municipal government legalize pot and tax it, too? If all three of these activities were legal there, think how fast that would reinvigorate the local economy? Would that be enough, or would it behoove the locale to try another method?
Gambling is already legal, and there were two casinos in the City of New Orleans when Katrina struck. There is now one casino in the City, plus more in the suburbs.
Louisiana law governs prostitution and drugs like Marijuana. Even if there was a wish to do so, the City does not have the authority to legalize those activities. There is no chance the rest of Louisiana will allow NOLA to be an exception.
Katrina killed about 1500 people in New Orleans very nearly destroyed the City. Like in most tragedies, the aftermath of Katrina did offer an opportunity for rebirth – a chance to rebuild the city “better than before”.
That didn’t fully happen because the political establishment’s only concern was making sure nothing changed. Their focus has been on getting all of the public housing/section 8 residents back in the run-down “projects”/”hoods” and back to voting the way they are told. The economy is not only NOT a concern of the political establishment, they don’t want people to have jobs or an education (especially not an education). Having a job and/or an education makes one much less likely to “vote as told”.
The political establishment has been only partly successful. Private initiatives have resulted in enormous progress since Katrina and much of New Orleans IS “better than before”. The revival of the tourism industry is an example, and the NFL recently awarded the 2013 Super Bolw to NOLA in recognition of the progress.
The elections of 2006 & 2008 saw many of the politician/criminals out of office, and the elections of 2010 should continue that trend.
However, at least four years will have been wasted by City Hall.
Michael Greenberger on Gambling with the Global Economy
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