pay the MTA $500 million apiece<\/a>, which has already yielded $1 billion as upfront license fees.<\/p>\nAs the Manhattan Institute\u2019s Nicole Gelinas has long pointed out, casinos are no way to build a durable tax base or a prosperous local economy.<\/p>\n
If casinos brought lasting affluence, Atlantic City would still be booming. \u00a0<\/p>\n
Today, even Las Vegas, America\u2019s gambling mecca, is slumping, with tourism figures down to two-decade lows.<\/p>\n
Doing business and earning profits are generally good. But not every dollar is created equal.<\/p>\n
The most valuable businesses thrive when clustered together because one firm\u2019s success doesn\u2019t come at another\u2019s expense. <\/p>\n
That\u2019s why the largest banks concentrate on Wall Street, white-shoe firms in Midtown, and tech giants in Silicon Valley.<\/p>\n
They employ creative workers who produce goods and services that enable others to be more productive.<\/p>\n
Imagine what the economy would look like without bank credit or digital services.<\/p>\n
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Artificial intelligence is transforming practically every industry \u2014 but no one can make the same claim about slot machines or long-shot sports bets.<\/p>\n
High-wage tech, finance and professional services jobs can sustain a durable and growing tax base.<\/p>\n
Casino jobs, by contrast, tend to be relatively low-paid service positions \u2014 which is one reason why local taxes and economic growth haven\u2019t materialized in the way proponents had hoped.<\/p>\n
Instead of legalizing sports betting and opening new casinos in Gotham, state leaders should have focused on making the city more attractive to innovative and growing industries.<\/p>\n
But now, irresponsible gambling has become a big enough problem to warrant the governor\u2019s new measures.<\/p>\n
Many gamblers will never utilize Hochul\u2019s programs \u2014 and many more will learn about them only after it\u2019s too late.<\/p>\n
With Albany hooked on gaming taxes, don\u2019t expect New York to kick the habit anytime soon.<\/p>\n
John Ketcham is director of cities and a legal policy fellow at the Manhattan Institute.<\/p>\n","protected":false},"excerpt":{"rendered":"Gov. Kathy Hochul\u00a0knows New Yorkers have a problem. Last week, her\u00a0State of the State proposals included measures to…\n","protected":false},"author":3,"featured_media":528389,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,16759,5371,405,403,5226,5225,5228,5227,1269,8930,618,67,586,132,5230,68,2969],"class_list":{"0":"post-528388","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-gambling","10":"tag-kathy-hochul","11":"tag-new-york","12":"tag-new-york-city","13":"tag-newyork","14":"tag-newyorkcity","15":"tag-ny","16":"tag-nyc","17":"tag-opinion","18":"tag-sports-betting","19":"tag-taxes","20":"tag-united-states","21":"tag-united-states-of-america","22":"tag-unitedstates","23":"tag-unitedstatesofamerica","24":"tag-us","25":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115924072128797633","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/528388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=528388"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/528388\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/528389"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=528388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=528388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=528388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}