Casinos: A Bad Bet for Ohio?

By Varney and Co

Harrah’s is betting on a new market….the state of Ohio. The casino company recently negotiated a deal to build new casinos in both Cleveland and Cincinnati. Gamblers are excited about the new casinos, but not everyone is convinced it's a good thing.

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Today on “Varney & Co.” American Policy Roundtable Vice President Rob Walgate said despite the financial opportunity for Ohio, these casinos don’t always perform as advertised. “When we look across the country we haven’t seen anywhere where casinos have delivered the economic promises they’ve guaranteed in the beginning.” Walgate said.

While Walgate said he would welcome the extra money into the state of Ohio, he reiterated his worries about the casinos lack of accountability. “They spent roughly $40 million doing nothing but promising Jobs Jobs Jobs.” Walgate said. “That’s all they’ve done is make promises. It’ll be interesting to see if they can deliver on those promises.”

Chief among Walgate’s concerns is the worry that spending at these casinos will detract from spending in the rest of the state, “The only thing they will do is increase gambling in Ohio and decrease money spent on small businesses.” Walgate said.