Sunday, March 31, 2013

Sheldon Adelson to save Cyprus?

Anytime, anywhere that talk comes round to legalizing casino gambling, you can bet that Sheldon Adelson will be ready with a plan to save your stumbling economy.

After all, look what the man has done for Las Vegas. And Macau.

The Spaniards have evidently fallen for his Spanish Salvation Strategy and plan to proceed with the pie-in-the-sky "Eurovegas," because as everyone knows, there's nothing like a mega-casino development to create secure and well-paying jobs and fund education and health-care.

At the end of the day casino gambling is a tax on stupidity. In order for a casino to run profitably over the long term, this tax requires not just stupid people, but a vast pool of stupid people with money.

That's where the casino model of economic development eventually hits the wall. There are a limited number of sheep to be fleeced, and even though it's a big number, it's nonetheless limited.

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