The New Orleans Times Pacayuneran an interesting article last weekend tied into the 10th anniversary of casinos in Louisiana showing how legalized gambling has failed to live up to its original economic promise.
Part of the problem was the overly optimistic projections. Developers of a downtown casino in New Orleans said their resort would generate up to $1 billion a year in revenue. MGM Mirage, which owns part or all of 16 casinos nationwide, rakes in about $1 billion in revenue per quarter.
Harrah’s New Orleans, having its best year, is projected to bring in $285 million in revenue. What kept Louisiana from coming anywhere close to the Pollyanna-ish projections was the bass-awkward way the state legalized gambling.
The Legislature arbitrarily capped the number of casinos licenses at 15, putting an artificially high value on casinos.
Biloxi (Miss.) Sun Herald
Maine-ly cold feet
A new poll just less than two weeks before Election Day suggests that voters could be getting cold fee about an Indian casino planned for Southern Maine.
The poll, conducted by two state TV stations, showed 57 percent of likely voters opposed to Question 3, which would allow two Indian tribes (see related story in Beyond Vegas roundup) to operate a $650 million casino resort.
Bangor Daily News