Are casinos bad for cities?

The Bloomberg editorial department has posted an op-ed concerning new casinos and their profitability in New York. I'm not sure many people were aware that the New York Gaming Facility Location Board and the New York State Gaming Commission have approved Las Vegas style casinos in Queens and the Bronx. The opinions expressed by a group of nine journalists believe that casinos often miss the mark on profits and benefits of casinos, which end up potentially hurting surrounding businesses.

It's quite an interesting short article based on opinions only from Bloomberg journalists.

Do you think the journalists have missed the mark with their opinions?

Bloomberg: Casinos are Bad Bets for Cities, Including New York​

It probably depends on where you place them The right place is enough far away from everyone 🛣️
No-one in their right mind is suggesting placing one on the Upper East Side or other places where the rich are located. But hey, let's put one on Bronx. I'm sure it fits right in

It comes down to taxes.

They benefit cities from a tax rev standpoint, but they also tend to breed problem gamblers, which is a tax on society.

Well I think putting them in cities directly is very unusual but "the three casinos will deliver $7 billion in incremental tax revenue between

2027 and 2036, plus $1.5 billion in immediate upfront licensing fees." is self explanatory, I might agree with the crime or problem gamblers

but you could say the same things about big box stores or Amazon centers as far as being self contained or hurting local businesses....,

time will tell👍

Journalists do what they are paid to do. When a businessman starts a new project, in most cases he has a well-thought-out plan and specific calculations. I think that those who start a business understand more than journalists, whose job is essentially to inform the public.

Casinos help boost local retail sales.The city is a living organism. It has a rhythm, a breath, its own streets and squares, where every step is governed by the rules of an invisible architecture. This rhythm also allows for excitement. Casinos don't appear by chance; their placement, appearance, and surroundings are carefully considered.The streets leading to the halls, the lighting, the signs, the shop windows—all of it works to one end: to entice, to seduce, to build anticipation. The player, without even realizing it, senses this rhythm. They follow the emotion, and the city draws them like a magnet.

I think they raise some valid concerns, but it’s not that black and white. Casinos can hurt local businesses if poorly planned, but with good regulation and integration they can also create jobs and tax revenue. It really depends on execution, not just the idea itself.

I think for the most part the answer to these kinds of questions is always "it depends" but, in this case, we can say that in many cases the effects are not positive. Now, if there was some way to limit admission only to people in a certain tax bracket, then it could be a clever way to extract more taxes from people who can afford to pay more.

Like the old real estate adage says…location, location, location…a casino in New York will not appreciably add to tourism…there’s enough to do already…there’s a small casino at the racetrack in Toronto…it’s no big deal, but they are trying to bring in big name entertainment. Niagara Falls is a big tourist attraction, but the casinos on both sides of the border add to the value…the Jack casino in Cleveland was OK, nothing special…to be successful, a casino should be high end…that works for Vegas.