The government should not engage themselves in this type of situation. The gambling industry has supported many different types of organizations and involves themselves financially in numerous associations. To support the Goverment the Republican and Democratic Party’s receive hundreds of thousands of dollars a year from the gaming industry. According to the Center for Responsive Politics the total number of money contributed from the gambling industry to politics in the last presidential election was 6.7 million dollars (Metrobeat). Much of the gambling industry’s rapid expansion in recent years can be attributed to its effective of allowing local businesses and political leaders to be tantalized by promises of increased tourism and economic development (Metrobeat).
A report released by the American Gaming Association stated that “based on direct, indirect, and induced impacts, the commercial casino industry supported approximately $125 billion in spending and nearly 820,000 jobs in the U.S economy in 2010” (Bazelon, et al., 2012) On a larger scale, the global casinos and gaming sector grew by 9.2 percent in 2012 to reach a total value of $456 billion (“Global casinos”, 2013). The modern casino is like an indoor amusement park for adults; the thrill of gambling, entertainment, and staying in a luxurious hotel is an experience desired by many tourists and it brings in billions of dollars in profit every year. A survey conducted in 2009, found that about 65 percent of Americans thought of the casino industry as being a vital and important factor to the overall U.S travel industry (“U.S commercial casino industry”, 2010). As conditions in the marketplace have changed, the gaming and gambling industry has increased its reliance on the lodging industry to bring in more revenue by attracting more gamblers to casinos (Walker, 2013). Even though the gambling and casino operations segmen... ... middle of paper ... ...y has truly impacted the travel and tourism industry as well.
The biggest contributor to that $64 billion is the American sports industry, which earns $32 billion. As a whole, the American sports industry also contributes about 456,000 jobs. With the two most popular sports in America being baseball in second place and American football in first. The Major League Baseball’s 2013, revenues reached an all time high reaching over eight billion dollars. Meanwhile, the National Football League (NFL) made over nine billion dollars this past year in gross revenue.
Casinos Casinos have become a large part of cities' economy and hundreds of thousands of people's lives. Casinos are exciting for many people who feel they have a chance to win it big. Because so much money is flowing into casinos, the local business are being affected. Most are not thriving with the new tourism and the seemingly revived economy. In 1994 more people made the trip to a casino then to a ball park (Popkin).
The impact of gambling has also infected the states governments, which are addicted to the revenues they are gaining from the gambling business. Gamblers are varied in lots of ways. A gambler can age from 18 to 29 and 40 to 49. Age of 50 and up has the least gamblers among all the age groups. This shows a wide range of age of gamblers, which could lead to more gamblers.
This is mostly used as a way to raise money and to provide cheap entertainment. Gambling in America recently conducted a poll finding that 57 percent of Americans reported buying a lottery ticket in the past 12 months (Www.naspl.org). People with incomes in excess of $75,000 spend roughly three times as much on lotteries each month as do those with incomes under $25,000 (Www.naspl.org). With lottery sales alone, it is no shock that the United States earned $78 billion dollars (Www.naspl.org). Due to a struggling economy and an increase in unemployment, more citizens take a chance in the lottery.
As the popularity of professional athletics has increased, so has the cost to render them and their players' salaries. Many of the contracts signed today are for millions of dollars. This is unreasonably exorbitant for doing something gaiety. These days sports are centered around money and not focused on the love for the game and entertaining the fans. Some economists argue the point that major league sports, their products, players, and stadiums endow millions of dollars to our economy.
This popular day-trip destination had over 34 million visitors in 1998 alone. Despite this amazing statistic, along with the revenue that gambling brings in, many steps are being taken in order to further promote the expansion of this great city. The renovations and improvements being made to the Atlantic City Convention Center are already increasing the amount of money coming in. There is a great deal of other things to focus on in the Atlantic City region. In endorsing local attractions in this scenic area, and in shifting the target market of this spot, this city would change back into a resort destination.
Gambling has been a problem ever since the first lotteries started. People often gamble just for the rush of betting their own money for a prize. Some people say that gambling is a bad thing and some said it’s a great thing but it has actually caused more problems than it has solved. People have lost their jobs and more money than anyone can count in casinos. Most people look at how crime is part of gambling and not how politics and the economics influence gambling.
87% of Nevada's tourists specifically come to play these machines, and on average Nevada makes around 9 billion dollars a year due to the slots. If Nevada had a lottery, these statistics have a high probability of changing dramatically. Granting Nevada a lottery would provide competition for slot machines and table games that the states casinos currently provide. If a lottery was introduced, this could cause a negative effect to Nevada's economy. Casinos contribute a great deal of jobs in the state and having a lottery could potentially produce various business to lose vast amounts of money.