State's Casinos Aren't Recession-Proof After All

Full story: Hartford Courant

In the early 1990s, as defense and insurance industry job cuts imperiled the state's economy, a twinkling Las Vegas-style business opened in the little town of Ledyard on land owned by the Mashantucket Pequot ...
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1 - 20 of 68 Comments Last updated Dec 7, 2008
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Eddie P

Wolcott, CT

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#1
Oct 5, 2008
 

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This loss will be another blow to the state, we have become too dependent on the states kickback from the slot machine renenues. The next thing will be a tax increase due to this and the loss of income tax payments from Fairfield County.
RIGHT AGAIN

Buzzards Bay, MA

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#2
Oct 5, 2008
 

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I think that the Congress should support the Pequots and Mohegans by giving them free money. The Pequots and Mohegans are financially hurting. The Congress has a duty to give them as much money as it takes to make up the difference in their casino money taking a downward slide. We owe this to the Pequots and Mohegans because of the abuses that they suffered historically and perpetrated by white America. And I don't want to hear any craziness that they are frauds as has been said on previous subjects about them. They have been legally certified as Indian by the government and that is sufficient. Every one of them is either full blooded Indian or half. Certainly no less than a quarters. Most of them are one hundred percent Indian. Those who say they are frauds and impostors are crazy, stupid and liars. I ask everybody to write their 2 Senators and Representative about getting financial aid for the Pequots and Mohegans --- This help is the least that we can do for them as compensation for what they have historically suffered at the hands of white America.
Manny

United States

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#3
Oct 5, 2008
 

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I'll write my 2 senators and tell them we want a bigger increase in the slots revenue made in the deal with Weicker. I don't feel sorry for casinos as their only goal it to make winning harder so they rake in the cash. Sorry don't agree with you on this. Do fault the state for spending the money before they get it which seems to be a Democratic problem
Phineas Phreek

Winsted, CT

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#4
Oct 5, 2008
 

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That's correct. The casinos destroy lives, towns, and landscapes as they vacuum in cash by the billions. The state should up its share NOW as compensation for the toll that these monsters have wrought on New England.

Let alone the fact that such unsavory pastimes are evidence of the vast mindlessness of the masses. Scary.
Shoreliner

Branford, CT

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#5
Oct 5, 2008
 

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Manny wrote:
I'll write my 2 senators and tell them we want a bigger increase in the slots revenue made in the deal with Weicker. I don't feel sorry for casinos as their only goal it to make winning harder so they rake in the cash. Sorry don't agree with you on this. Do fault the state for spending the money before they get it which seems to be a Democratic problem
You have identified one of the principal problems in the budget process in Hartford:

- Variable revenue used to fund ongoing and fixed expenses

Connecticut's budget is too dependent on variable revenue - be it from the casinos or Wall Street (e.g. bonuses and capital gains).

Financial windfalls like these should be used to reduce debt and/or added to the rainy day fund.

They should not be used to expand social programs.

The state's $1 billion surplus in 2007 was used to expand social programs led by Jim Amman and Don Williams with Governor Rell's capitualation.

Now look at where we are.
George North Port Fl

Quincy, MA

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#6
Oct 5, 2008
 

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Gambling is as important to americans as apple pie and Wall Street.. If the gambling industry continues to falter maybe some kind of federal bailout will be needed.. God only knows what would happen if there were no more slot machines.. And think of those poor indians who would have to find a real job.. I can't write anymore I'm starting to cry.. It hurts to much to think about life without casinos...
Konnecticut_Bett er_Yet

Norwich, CT

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#7
Oct 5, 2008
 
Manny wrote:
I'll write my 2 senators and tell them we want a bigger increase in the slots revenue made in the deal with Weicker. I don't feel sorry for casinos as their only goal it to make winning harder so they rake in the cash. Sorry don't agree with you on this. Do fault the state for spending the money before they get it which seems to be a Democratic problem
They overspend, they just raise taxes or fees. No problem.
Interested Observer

Boston, MA

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#8
Oct 5, 2008
 

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George North Port Fl wrote:
Gambling is as important to americans as apple pie and Wall Street.. If the gambling industry continues to falter maybe some kind of federal bailout will be needed.. God only knows what would happen if there were no more slot machines.. And think of those poor indians who would have to find a real job.. I can't write anymore I'm starting to cry.. It hurts to much to think about life without casinos...
I feel your pain. And to think I complained about spending $10.50 for a pack of smokes at the casino; and being charged a lot for a sandwich and a freakin' coke! What was I thinking.

You're right! This is not just a gambling business issue - this is a Main Street issue! We will all be impacted - wanna bet?
Konnecticut_Bett er_Yet

Norwich, CT

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#9
Oct 5, 2008
 
Shoreliner wrote:
<quoted text>
You have identified one of the principal problems in the budget process in Hartford:
- Variable revenue used to fund ongoing and fixed expenses
Connecticut's budget is too dependent on variable revenue - be it from the casinos or Wall Street (e.g. bonuses and capital gains).
Financial windfalls like these should be used to reduce debt and/or added to the rainy day fund.
They should not be used to expand social programs.
The state's $1 billion surplus in 2007 was used to expand social programs led by Jim Amman and Don Williams with Governor Rell's capitualation.
Now look at where we are.
What do they care? They will be reelected no matter what they do.
Konnecticut_Bett er_Yet

Norwich, CT

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#10
Oct 5, 2008
 
...or don't do...
Konnecticut_Bett er_Yet

Norwich, CT

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#11
Oct 5, 2008
 
Recession-proof??? An article yesterday called CT's economy "stronger." Which is it? Are we in a recession or not? Is the economy "booming," as Amann claims, or is it flat on its face, like others contend?
Leann

United States

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#12
Oct 5, 2008
 

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The state of Connecticut, under John Rowland, allowed acres of beautiful landscape to be defiled for two behemoth casinos - and for what? It's vulgar and tragic.
Gamblin Man

Waterbury, CT

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#13
Oct 5, 2008
 

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I maxed out all my credit cards at the casino.

I can't wait for this bailout to kick in so we can return to the days of easy credit, so I can return to the casinos and do my part to help reinvigorate the state economy.
Tad

Bristol, CT

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#14
Oct 5, 2008
 
The absolutes in this article make it sound as if it were written by a child. The thought that the casinos were thought to never do anything but grow but now they will never grow again are both rather short sighted, but then again that is how most people seem to see the economy and most things for that matter.
trifecta

Chicago, IL

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#16
Oct 5, 2008
 

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maybe they could keep more of the payoffs from slots instead of giving back to the players, this will help offset their losses also do away with perks and points!
Dan

Middletown, CT

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#17
Oct 5, 2008
 

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If they weren't so greedy and let the patrons win once in a while they wouldn't be in such rough shape. Ever since they started to expand the winning went down. It is so bad I'm thinking of just mailing a check in once a month so I can save on the gas. It sure would be nice if they loosen up there machines again like they were when they opened. At least you had a chance to when. Let's go back in the good old day's. Making a little profit is better then making none at all.
h c ecco

Hamden, CT

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#18
Oct 5, 2008
 
mr sheriden's "assumption" that gambling was a sure thing hereabouts was not only "wrong" it was not exactly universal, but, as usual, voices raised in concern were dismissed as contrarian or, with the all purpose disqualifier, "negative...well, it may be appropriate here to raise yet another voice whose caution against the "sure thing" will amuse as it instructs...damon runyon, in his stories of the "guys and dolls" who inhabited his fanciful broadway,(the basis for the sinatra/brando film), has sky masterson, a stand-up guy, tell about the advice his father gave him as he set out for the big city - here in paraphrase - the old gent tells his son that one day a fellow will offer to bet you that he can make the jack of spades jump up out of an unwrapped deck of cards and squirt cider in your ear, "don't take that bet son, because as sure as you're standing here, you'll end up with an ear full of cider".
Benny

Hartford, CT

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#19
Oct 5, 2008
 

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Dan wrote:
If they weren't so greedy and let the patrons win once in a while they wouldn't be in such rough shape. Ever since they started to expand the winning went down. It is so bad I'm thinking of just mailing a check in once a month so I can save on the gas. It sure would be nice if they loosen up there machines again like they were when they opened. At least you had a chance to when. Let's go back in the good old day's. Making a little profit is better then making none at all.
I agree. The machines have gotten so tight it's just not fun any more.

Since: Feb 08

Cromwell, CT

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#20
Oct 5, 2008
 

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I can't believe it is a "surprise" to anyone that these casinos are hurting! Who has money to blow at these places while getting lung cancer sitting around in the smokey environment? The casinos are just as greedy as the State got! It is a horrible shame what they did to that gorgeous property and for what? Typical.
my opinion

New Britain, CT

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#21
Oct 5, 2008
 

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Dan wrote:
If they weren't so greedy and let the patrons win once in a while they wouldn't be in such rough shape. Ever since they started to expand the winning went down. It is so bad I'm thinking of just mailing a check in once a month so I can save on the gas. It sure would be nice if they loosen up there machines again like they were when they opened. At least you had a chance to when. Let's go back in the good old day's. Making a little profit is better then making none at all.
Unfortunatly, what you are saying is very true. The machines are really tight now.
We see very few winners. They need to loosen them and let us know that they did. More loyalty to their original customers.

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