Some in Detroit are worried that the "keep our money in Ohio" ad campaign in the Buckeye state will add another blow to the already reeling Michigan economy:
Detroit's three casinos pulled in 1.36 billion last year, paying $151.36 million in gaming taxes to the city and another $121.04 million to the state.
But revenues this year have been down at MGM Grand Detroit and MotorCity, while Greektown is seeing gains even as it remains in bankruptcy.
The Detroit News reports that, by all accounts, Ohio residents are the largest group of out of state Casino patrons in Southeast Michigan.
Keeping the money in Ohio won't just keep it out of Michigan -- it'll affect Indiana, too, already feeling pressure from gambling in surrounding states and the weakened economy. Some legislators are making noise about holding the line on gambling here, but I can't see it. The state has become too dependent on the revenue.
Comments
Of course all Indiana has to do is get rid of its flat income tax and install a progressive system. Make the rich pay more than the poor, since they can better afford it.
I never fail to marvel at the political skill of the Republican Party: persuading the lower classes to vote against their own interest. Amazing.
Then there's the recent cut in property taxes. Who benefits most from that? Anyone?
Gambling revenues (especially state lotteries) can fairly be described as a tax on the stupid. I'm old enough to remember numbers rackets (a lottery system whose outcome was based on the Dow Jones average, as published in the next day's paper. The final two digits were considered sufficiently random to be fair.), which were run by local mobsters in most towns of any size. The thugs gave much better odds than any government lottery. Of course, the government won't break your thumbs if you get into debt.