Casinos Prove Lucrative to Local Areas
In the midst of the post-recessionary economy, there are many problems to overcome. One of the main problems the Obama administration is facing is finding ways to overcome the unemployment rate. In the past two years, the unemployment rate has soared and millions of Americans have found themselves without jobs. Businesses cut back on jobs to stay in business and those jobs are yet to be recreated in the market. With a lack of jobs, the unemployment rate is stifled and unable to recoil from disaster. Though the government is giving tax breaks to businesses if they create jobs, the revival has been slow in coming.
One of the biggest pushes of bringing gambling and new casinos to various cities is the job creation that inevitably will come along with the new constructions. Developers are pining for casinos hoping that not only will jobs be brought to various areas, but also money will be brought into the markets. For example, Kentucky has long been toying with legalizing and regulating gambling. The state, like most others in the US, is hoping that gambling will be the answer to the state’s overall budgetary problems. The recession brought many states to their knees in terms of funding. Many programs are going to be cut without some viable way of bringing in additional funding. There are few options available but gambling is proving to be one that most legislators are at least willing to hear out. The UIGEA was the last ruling the federal government made regarding gambling and it stopped financial institutions from managing activities relating to gambling. This caused people who wanted to gamble to merely gamble elsewhere. They moved to offshore gambling entities and channeled billions of dollars out of the country.
Now that the government is realizing what a mistake the UIGEA really was, its legislators are working together to change things. They want to legalize and regulate gambling for the purpose of not only bringing jobs into the market, but also bringing in millions of dollars to the state, city and federal level of government. It’s a difficult time for the US states and budgets throughout, but hopefully new laws can aid in bringing in much needed funds.