Moody’s downgrades gambling industry to “negative” outlook
Would you make a big loan to a borrower with a lousy credit record? That’s what gambling interests are asking Florida lawmakers to do.
The gambling industry has never been a worse bet for our economy or our quality of life. While most of America is experiencing a stronger economy, casino economies are still in the tank. The Nevada unemployment rate is among the highest in America. Casinos are closing in Mississippi, and Atlantic City is dying in front of our eyes – despite hundreds of millions of dollars in taxpayer bailouts to casinos, and massive expansions of gambling.
But that doesn’t stop gambling interests from continuing to claim that legalizing their enterprise would create economic bounty for Florida. But to do that, casinos have to draw people who don’t live here and aren’t coming here. Otherwise casino gambling is just economic cannibalization of longstanding jobs, businesses and industries.
The problem is that the casino gambling industry has been so effective at getting its product legalized, that people no longer have to travel in order to gamble. And casino gambling has become so oversaturated that the industry is starting to cannibalize itself. That’s what’s happening in Atlantic City.
Florida lawmakers should refuse to bet on this loser.
Read the full statement from Moody’s by clicking here. 
Contact: John Sowinski Phone: 407-608-5930 Email: info@nocasinos.org