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Old 11-18-2013, 10:34 AM   #41
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Originally Posted by growing_older View Post
So by legalizing and promoting these machines, they inflict over $200 million in losses on taxpayers in order to collect $10 million in taxes. I wonder if the economy would have been better off if they just instituted a $10 million tax and let people keep the other $195 million.
If you don't live here in Illinois, it must be hard to grasp the level of gov't corruption firmly in place. It's part of the culture. The reason the taxes collected vs the level of losses looks so out of balance is that gambling needs to be highly profitable for the private groups running it so that the payola back to Springfield can flow freely.

Just sayin' ................. Just my opinion..............
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Old 11-18-2013, 10:44 AM   #42
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Originally Posted by youbet View Post
If you don't live here in Illinois, it must be hard to grasp the level of gov't corruption firmly in place. It's part of the culture. The reason the taxes collected vs the level of losses looks so out of balance is that gambling needs to be highly profitable for the private groups running it so that the payola back to Springfield can flow freely.

Just sayin' ................. Just my opinion..............
Spoken by a man with a well rounded worldly experience.

Ha
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Old 11-18-2013, 11:24 AM   #43
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If you don't live here in Illinois, it must be hard to grasp the level of gov't corruption firmly in place. It's part of the culture. The reason the taxes collected vs the level of losses looks so out of balance is that gambling needs to be highly profitable for the private groups running it so that the payola back to Springfield can flow freely.

Just sayin' ................. Just my opinion..............
Growing up in Springfield, I know the meaning of the term " private groups." Just in case anyone is considering getting in on the profitable gaming business, it's not an option open to the general public.
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Old 11-18-2013, 11:39 AM   #44
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Although I occasionally buy a lotto ticket for kicks, I don't care for gambling. While on vacation in Paradise Island, Bahamas, I remember thinking how dumb it seemed to be sitting in a dark, smoky casino, with such beautiful beaches and scenery all around. Same for Reno/Tahoe...
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Old 11-18-2013, 11:46 AM   #45
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Although I occasionally buy a lotto ticket for kicks, I don't care for gambling. While on vacation in Paradise Island, Bahamas, I remember thinking how dumb it seemed to be sitting in a dark, smoky casino, with such beautiful beaches and scenery all around. Same for Reno/Tahoe...
I love Reno/Tahoe too. By day out on slopes, by night hunkered down in the sports book; provided my GF isn't chewing on me to get out!
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Old 11-18-2013, 02:23 PM   #46
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My state doesn't have "casino" gambling but on occasions I'll drive over the Bossier City (Shreveport LA) and do a little gambling. Sometimes I'll drive over there with an old friend of mine that lives down the road a few miles and spend the day (actually he's an a X-ER forum poster that some of you may recall - Highroller). He's a much bigger player than I am but I've known him for years and it's a fun way to spend some time with a long time friend.
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Old 11-18-2013, 04:31 PM   #47
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....Just in case anyone is considering getting in on the profitable gaming business, it's not an option open to the general public......
Investing in the casino industry is open to the public, inc stocks like Wynn, Las Vegas Sands, and Penn National Gaming.

Casino Stocks: 'Lucky 7' Picks & Pans?

But a quick web search for 'casino bankruptcies' shows not all prosper in this competitive industry. And most states are smart enough to tax GROSS revenues rather than net profits.
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