Indiana wasn't wrong in finding a new revenue stream and jobs from casinos, riverboats and horse tracks. What's wrong, however, was betting that the influx of gambling tax dollars would rescue a foundering state economy.
Yet that revenue lifeboat has seemingly
been the state's only creative response in finding new tax revenues -- some $800
million a year from casinos alone.
Next month, Ohio's first casino is to open
in Cleveland. Three more are on the horizon. That means that Buckeyes who come
to gamble in the Hoosier state may keep their gambling dollars at home.
The Indiana Casino Association predicts a
$200 million to $300 million annual loss in gross gambling revenues. State
budget analysts expect a $100 million annual loss in gambling tax revenues.
Already, admissions to the state's casinos
have dropped to their lowest level since 1997. As Ohio comes online, Indiana can
expect more drops in attendance.
......
