Discussion of Gambling Impact on State and Local Economies (Essay Sample)

Discussion of Gambling Impact on State and Local Economies
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Discussion of Gambling Impact on State and Local Economies
This paper explores a well researched discussion of how gambling has affected the state and the local economies. From the researches it is evident that gambling might positively or negatively affect the social and economic factors of an economy and the state as a whole. According to (William, 2008), gambling can be a very powerful tool of economic development. It creates more employment opportunities hence generating more tax income for the local government and the state. This in turn serves as stimuli for economic growth of the local communities.
In United States, the National Research Council in 1999 reviewed that gambling had grown to be an economy stronghold in many communities hence grabbing the prominent role of regional and state economies’ subsistence. Also, it has been reported that in 2002 USA recorded a rise of more than 350,000 jobs from the casino gaming yielding an overall of $11 billion weighted from wages and benefits.
Also the casino gaming industry may bring beneficial impact through attracting more tourists to come and spend more time and money in the country. Moreover, the local residents who used to travel abroad to gamble the will stay at home ground and spend the gambling money hence increasing more government revenue through income tax.
However the casino gaming might e pictured to be of no benefit if the local residents who used to spend their money in the restaurants spend unscrupulously the little they have hence been left bankrupt. It is proven that gambling is addictive and if the tourists visiting the country on development missions get addicted to casino gaming, it will be of no economic benefit. This was reported by (Justin, 2011) on some of the problems hat casino gaming can impose to the local communities. The idea behind casinos is to maximize price and thus, the owner is more inclined in making more money than the state’s development projects and support programs.
Conclusion
Therefore, despite casino gaming being fruitful to the state and local economies, considerable measures should be taken to enact control polices and risk assessment measures before regulation. It was discovered by the (internal conference on gambling and risk taking, 2000), gambling is very risky game and should be controlled. However, if assessed well gambling economic benefits outweighs the social cost usage and thus, gambling may be viewed and understood as the economic and social pathology, a viable government revenue source and...