Another casino: positive addition or hobbling earning potential?Date: 2/4/2020 Do we need another casino in Massachusetts? If it were up to me the answer would be “No.”
Colin Young of the State House New Service wrote last week: “As it weighs a potential relaunch of the process to license a third resort casino, the state Gaming Commission wants to hear what residents think, and what it should take into consideration if it moves forward with a southeastern Massachusetts casino bid. The commission on Wednesday issued a request for public comment on whether it should re-open the application process for Region C – the commission’s name for Bristol, Plymouth, Barnstable, Dukes and Nantucket counties – and what regulators should consider if they do end up reviewing new license applications. Regulators also issued a formal request for information, looking for answers to specific and business-related questions related to a potential market analysis.
“‘We encourage the participation of the public and other interested parties as we conduct critical due diligence on this complex matter that will inform our ongoing evaluation and examination of what is in the best interest of Region C and the Commonwealth,’ Commission Chair Cathy Judd-Stein said. ‘The RFI and public comment processes will strengthen our ultimate decision as to whether to re-open the application process for Region C.’ Region C has been an unsettled matter for the commission for many years. In 2016, when it appeared a tribal casino in Taunton was likely, regulators rejected a proposal for a commercial casino in Brockton. Since then, the commission has discussed reopening the bidding for Region C, but has not appeared to be in any rush to take that step. The commission’s steps towards reconsideration come while the state’s two resort casinos and one slots parlor are underperforming financially. Casino gaming revenues are staring down a year-over-year decline – the governor’s budget projects a decline of $11 million in fiscal 2021 – and Massachusetts could see the tax revenue benefits of expanded gaming plateau under the $300 million a year mark, short of the estimates proponents used in the years-long effort to bring casinos to the Bay State.”
We have three gaming facilities and none of them are doing what they were expected to do. There is no reason to further hobble the earning potential of the casinos by adding another.
Yes, I’m sure there will be people in that part of the Massachusetts who would see a casino as an economic development positive. I view a casino as having that potential. I’m sure that a casino would be seen as some as a complimentary business for the tourist trade.
In my humble opinion, I don’t think we should consider another casino until all three facilities go through their three-to-five years trial period during which the management makes changes to see what the market wants.
Are there studies that would point to the financial viability of another casino? Would those studies be accurate in light of what we’ve seen so far with earnings?
We really don’t need another casino at this point.
Vast wasteland
So, I was fighting a cold last week and it forced me to take a day off. I’ve not sat through daytime TV in a long time, but holy cow– what a desert.
One “judge” show follows another. Maury Povich, who at one point in his career was considered a journalist, presides over a show with cheating spouses, babies of questionable origins, DNA tests and lie detector examinations.
Maury is 81 years old. He looks great by the way, and seems to actually enjoy the parade of human misery he supplies.
There are plenty of shows that want to be the next Jerry Springer featuring people with problems willing to go on TV and attempt to find some sort of solution to their problems while attempting to beat the heck out of one another.
It reminded me of former Federal Communications Commissioner Attorney Newton Minow, who in 1961 made a speech to the National Association of Broadcasters during which he said, “When television is good, nothing – not the theater, not the magazines or newspapers – nothing is better. But when television is bad, nothing is worse. I invite each of you to sit down in front of your television set when your station goes on the air and stay there for a day without a book, without a magazine, without a newspaper, without a profit and loss sheet or a rating book to distract you. Keep your eyes glued to that set until the station signs off. I can assure you that what you will observe is a vast wasteland.”
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