Gambling is a double-edged sword that can be both effective or disadvantageous to the economy of the market. Using distributive bargaining, I, as a junior congress person, would promote why Gambling is needed to exist in a competitive market and discuss the pros and cons of it. In the USA, New Jersey became the first state after Nevada the drive to legalize casino gambling in 1976 (Ernst & Edward, 2007).
In the short term, the development of introducing casino gambling in any state has been greatly beneficial to its economy. Casinos can be taxed with a higher tax margin than traditional businesses to pour the money back into the states.
As another added incentive, lower property taxes can be levied as opposed to the current property taxes on Casinos that would help casinos like Caesar’s, MGM, Bellagio, etc., to reduce the price for the trips to stay for the visitors.
Casinos increase employment, increase local and intra-state tourism to the state ending in income gains. The average number of workers employed with casinos differed from 51 in South Dakota to 3793 in New Jersey which, is a very good number for employment by an organization (Ernst & Edward, 2007).
Even if the prospect of gambling in casinos cease to exist within the next decade, it would be still beneficial for the state to use this is a development project to help the local tourist and entertainment market to flourish under the short-term gambling market’s profiteering goals.
Cons of having casino gambling over a longer period for the economy will be investing in social costs such as to treat gambling habits for people or getting them de-addicted to gambling. Another negative impact of gambling would be increased debts because of the increased gambling habits of some people. This can be overlooked if we do assume a traditional Confucianism oriented style of negotiation as seen in China, where a deal to carry out a business, in this case, casino gambling businesses to make as many profits it can, within its tenure, and not look at the project as long term for the state (Barthelmess et al., 2018). When the problems start piling up on top of the profits and start outweighing them, the market can then be closed and problems contained.
References-
1. Ernest P Goss, & Edward A Morse. (2007). Governing Fortune : Casino Gambling in America. University of Michigan Press.
2. Barthelmess, P. Y., Enzmann, P., Settelen, M., & Schärmeli, N. (2018). Navigating Ambiguity: Distributive and Integrative Negotiation Tactics in China. Central European Business Review, 7(2), 21–43. https://doi.org/10.18267/j.cebr.197
spluousp
module1_discuss_casio_post1.docx
0
