“There are many harsh lessons to be learned from the gambling experience, but the harshest one of all is the difference between having fun and being smart.”
The above quote by the legendary writer Hunter S. Thompson applies perfectly to the city of Chicago, as the city and Illinois lawmakers are attempting to reach a deal on a casino in the Nation’s third largest city.
However, if a deal can’t be reached on a casino, the Illinois Gaming Machine Operators Association is hoping that a recent hearing on the casino will led to Chicago approving the use of video gambling machines in the city.
Chicago has been in a budget crisis the past few years, and supporters of the gambling machines believe that the income they will generate will help the city get out of its current financial situation. For example, gambling is a big part of business in Australia, and other regions, such as Macau and parts of Europe, have benefitted economically from the industry.
But as Thompson said when it comes to gambling, Mayor Emanuel has to learn the difference between having fun and being smart, more so the latter.
The president of the Illinois Gaming Machine Operators Association, Mike Gelatka, believes that video gambling machines would supplement the proposed downtown casino “bringing in the tourist and attracting conventioneers” that frequent the city, according to the Chicago Tribune. Mayor Emaunel however, feels the sight of dollar signs on neon lights on Chicago city blocks could have an impact on Chicago children, and has strongly opposed the adopting the machines being allowed in the city.
A surprisingly untapped market, according to the Illinois Gaming Machine Operators Association, Chicago stands to gain profits of up to $300 million dollars. The Chicago Sun-Times reports that the Chicago Public School system has an of $1.1 billion and teachers are being asked to take a 7% pay cut. The Mayor needs to be smart and do what is best to avoid another teachers strike like the one that occurred during September of 2012.
Upon his re-election in April, Emanuel has suggested raising property taxes as a quick fix to the city’s budget issues. But with the cost of living continuing to rise (due to the city’s financial crisis), this quick fix could have long term negative effects on Chicago as a whole. Crain’s Chicago Business reported last summer that pensions for the city’s emergency workers are projected to increase this year as well. Mayor Emanuel must act now to avoid a similar fate as its neighbor to the north Detroit.
Gambling is viewed by some as unmoral; that it preys upon the poor and desperate, and corrupts families and communities due to its addictive nature. Well right now, the Windy City is bordering on poor and should be desperate for a solution to its financial woes. With proper regulation, video gambling will be a significant asset to the city, putting money in the city’s coffers immediately, as possible vendors have been lining up since 2012 to apply for licenses to operate.
Mayor Emanuel has to play it smart in these desperate times. Lawmakers have been deadlocked on a casino plan, and even if it was to go through, it would be a few years before the benefits are able to be reaped.
When he does, the city of Chicago can be the one to quote Hunter S. Thompson: “If it wasn’t for gambling, I wouldn’t be here.”