7/20/2007

Casinos flourishing in Katrina-ravaged states

This is just sad story from NYTimes -
"Harrah's New Orleans, the largest casino in the city, is on pace for its best year ever: gambling revenue is up 13.6 percent through the first five months of 2007 compared with the same period in 2005, pre-Katrina. The casinos in this region are generating more revenue -- from significantly fewer players -- in large part because of the extra money that many area residents have in their pockets and fewer alternatives on where to spend it, casino executives and others in the region say".
Based on a 2005 review, slot machines account for about 70% of the $48 billion spent in America on gambling each year, which means that the average American spends 5 times more on slot machines than on movie tickets. There are now 2 times as many slot machines in America as ATM's.

1 comment:

John said...

I guess the saying that the lottery is a tax on people who are bad at math could apply to slot machines as well. At least with the slots you get the bells and whistles as you pump your money into them!