Did you know?

*Gambling is not smart economic policy.

Casinos hurt local businesses by siphoning off restaurant, hotel and retail customers and their dollars.

*To generate the approximately $2.5 million in gaming taxes paid to the city, the Lakewood mini-casinos take more than $20 million in profits out of the city. The largest casino is owned by Great Canadian Gaming Corporation, a Canadian company.

*The short-term benefits are far outweighed by the long-term -- often hidden – social costs to our community. These costs include increased crime, time off work, bankruptcies and financial hardship of gamblers’ families. A detailed study1 by Earl Grinois, a former senior economist for the Council of Economic Advisers, shows that social costs outweigh benefits by a factor of $190 to $34 – or 5.6 to 1. That means that for every dollar in gambling revenue paid to the city, there are $5.60 in social and economic costs that must be borne by our citizens, city government and non-profit organizations.

*Gambling is not family-friendly social policy. The people who can least afford to gamble are the most affected. As opportunities to gamble increase, so does the risk of addiction.

*Studies have shown that the 2.4 percent of gamblers who develop serious compulsions account for 33 percent to 50 percent of all gambling dollars waged.

*Many other cities and counties are addressing lost revenue from current economic conditions and gambling. They prioritize spending by focusing on core services, such as public safety and neighborhood and economic development -- just as families review their budgets and prioritize needs to fit their incomes.

*Making Lakewood a better place to live and work will help the City attract more businesses to make up for lost revenue. The City Council should be developing a strategic economic development policy to attract more businesses, such as Lakewood Ford.

*We can control the quality of life and the future of our city and we have the moral obligation to do so.

1 Earl Grinois, University of Illinois, “Cutting the Cards and Craps: Right Thinking About Gambling Economics,” 2001