Las Vegas is clearly seeing the effects of the recession. Deals are everywhere, but casinos are empty. Gambling funds a significant part of the Nevada state budget, but the “drop” is down so revenues are down as well.
The major casinos have evolved their business such that dining, entertainment and hotel rooms represent more income than simply gambling.
So the question is how do we get visitors to come back. The Asian market is increasingly service din MACAU and Malaysia. Even Californians who are the most easily duped (just look at their government spending) go to Indian Casinos instead of making a 4 hour drive.
So again, how do we get the world to flock to vegas.?
How about instead of taxes being based on the “drop”, why not base them on the “vig” so casinos who run the least margin pay the least taxes.? This woudl mean that if a casino ran absolutely fair games i.e. 50/50 chance of winning they would pay NO gambling taxes. Initially people woudl say we need the revenue, but think it through.
Imagine Las Vegas, having by the far the highest gambling payout in the world. People would literally flock here to get their piece of the pie. Perfectly fair keno tickets woudl literally trump other state lottery programs, out hotels and restaurants would be full.
Instead of treating gambling as a vice to be taxed why not treat it as an attraction?