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Posts Tagged ‘states’

States Learned from UIGEA

Wednesday, August 18th, 2010

Many states are working with gambling laws to bring in the revenue they need. It is one of the few viable options when it comes to bringing in millions of dollars consistently. The problem with other industries is that they offer much lower revenue and it isn’t consistent. Gambling on the other hand, if used properly is going to provide billions of dollars over the next few years. States are setting up new casino locations for full service gambling throughout their borders. One lesson they learned was that if they don’t provide gambling, then neighboring states will. One of the biggest mistakes regarding gambling was made by the US. The US instituted the UIGEA back in 2006 in an effort to ban online gambling. Did it cause people to stop gambling? No—in fact all it did was cause US gamblers to move to offshore gambling locales and in turn channeled millions of dollars out of the country. State legislators watched the mistake and are hardly itching to make the same one. It could cost them irreplaceable income streams.

Because of the problems the federal government had due to trying to ban online gambling, states are taking notes. They want to be able to institute online gambling law but still minimize the problems that come along with it. It may take some time to flesh out rules due to the intricacies of the market. Gambling is lucrative—that’s the reality and there are billions of dollars at stake if states don’t take advantage of it. In the end, it may be that legalizing gambling may bring more than a few positive results. Not only will states have millions of dollars but they also will be well attuned to negotiating. Legislators have negotiated for years over gambling law—there are the obvious opposing sides, but there are also smaller debates within the issue. How should be gambling be regulated? What specific laws need to be instituted? Are those laws applicable to every state, or should they be modified depending on the state’s individual needs? Questions like these have to be answered before true gambling regulation comes about and is effective.

Las Vegas Still Has a Huge Draw in the US

Friday, August 13th, 2010

Las Vegas has long been a gambling hub of the world, in particular in the US. The location has been a draw for decades. In the 40s it became the center of excitement for stars from the Rat Pack and various high-rollers. It was known for its luxury and decadence to the tourists and locals. Casinos began building premiere locations for not only gambling, but also for retail outlets, corporate centers, entertainment and resorts. Over the years the city has built itself up to be an expert deliverer of various hobbies and that means that everyone can find something fun to do in Las Vegas. In a lot of ways the city has developed into a full-service area with things to do for all ages. Retirees to families with 2-year olds can find activities that will well serve them all. Although it may seem like a tall order to serve that big a demographic, it isn’t an exaggeration of specialty.

The US Travel Industry Association did a recent study to see how many people have been to Las Vegas and it was a startling percentage of US residents. In fact, over 37% of residents of the states have ventured to Las Vegas to enjoy all it has to offer. The average stay in the city was four days, or a long weekend. Studies also showed that the long weekend was enough to enjoy more than their share of casino and nightlife along with daytime spas and shopping. Most people see Las Vegas as a vacation, but not an exotic one that takes weeks to visit. It has an accessibility to it that draws in millions each year.

Right now Las Vegas is suffering due to the recent recession of 2008 and 2009 years. Many people in the city are still without jobs and having difficult times managing their bills and mortgages. It is estimated that about sixty percent of residents are having some type of mortgage trouble, whether that is in official foreclosure or defaulting on mortgage loans. It may take some time for Las Vegas to recover, but the city still has a lot to offer. In fact, there is even more now that the recession is over and investors are once again starting to put money into development.