Southern Nevada is paying for the sins of private equity, says Breakingviews columnist Lauren Silva Laughlin. She argues that even well managed companies
like Harrah's paid too much to buy big companies and loaded them down with far too much debt. We talk with her about how much private equity has contributed to the sluggish Las Vegas economy.
This is an excellent topic, and most of the posters have insightful observations. I disagree with the "love it or leave it" arrogant mentality. The scary secret is that gaming will never again return LV to wild prosperity. Most of us never even heard the word Macau until it now exceeds the total gaming revenue of LV and AC combined! In 2010, Kansas and Delaware have been added to the other states with full-casino gaming. Would you go to Reno for their casinos or keep your money and jobs here? That is what the US President and political/business leaders have told their taxpayers in their states. Do you know anyone in LV who actually manufactures anything for export? A dead economy is like a car without a battery. It won't go. We could regulate and tax adult sex workers and adult marijuana sales here. That could bring $200,000,000 of new voluntary tax income in the first year, and begin to put out of business the pimps, gang thugs, illegal growers, and the terrorists who hate us. We call ourselves Sin City without the legal sex or marijuana which many tourists believe is already legal here! Sadly, our political leaders don't get it.
Jim Melsek –Apr 1, 2010 00:00:00 AM
