Every $100 spent gambling is $100 not spent in our local businesses. As Donald Trump told the Miami Herald, “People will spend a tremendous about of money in casinos, money that they would normally spend on buying a refrigerator or a new car. Local businesses will suffer because they’ll lose customer dollars to casinos.”
Approximately 30% of retail businesses go out of business when gambling comes to the county. Why stop at the local bar for a $4.00 drink when they can get it either free or $1.50 at the casino? Why pay $16.95 for a steak when they can get it for $6.95 at the casino?
For every $1 of gambling revenue brought to the county, it will cost the local taxpayers $3-7 in hidden costs. Employee theft, embezzlement, lost time on job, depression and mental health counseling, extra crime protection, etc.
Local 2% option tax is not collected on gambling dollars. For every dollar spent at the casino and not at our local businesses, we lose the 2 % option sales tax on that dollar.
The Diamond Jo Casino Boat had adjusted gross receipts of approx. $50 million and paid the City of Dubuque only $248,530 for their last fiscal year. Only one-half of one percent of the adjusted gross receipts shall be remitted to the treasurer of the city in which the dock is located. The revenue reports are on the Iowa Racing and Gaming Commission website.
80% of gambling revenue comes from within a 40-50 mile radius. That isn’t tourism.