Stop Predatory Gambling

Federal Reserve Bank study reaffims the truth

by spgadmin

A Federal Reserve research paper just released Thursday stated that Pennsylvania casinos are not revitalizing local communities as gambling interests promised. In Philadelphia in particular, the local benefits of casinos could be outweighed by costs such as increases in pathological gambling, crime and personal bankruptcy, and the loss of valuable waterfront property to other uses, stated the paper, “Economic and Social Impact of Introducing Casino Gambling,” by Alan Mallach. He produced the paper for the Community Affairs Department of the Federal Reserve Bank of Philadelphia. Read the full report here.

In a sign that some of the casino jobs are going elsewhere, Harrah’s Chester (Pa.) Casino & Racetrack this month is holding job fairs in Atlantic City and Delaware.

Speaking of Philadelphia casinos, he said, “It is possible that although resulting in some increase in the aggregate number of jobs in the local area, the effect of the casinos will be to reduce the average wage for city residents.”

Gambling interests spend hundreds of millions of dollars promoting the false notion they represent economic development but the truth will always be the same: predatory gambling is a something-for-nothing scheme which only benefits those who own it and promote it.