OT - Legalized Gambling in Texas

Post #1 » by **Mr. E** » Sun May 8, 2011 10:24 pm

This is something that has been brewing for a while, but I think that the iron is about as hot as it is going to get right now.

Lots of interest in legalizing casino gambling in Texas. Some elected officials are pointing at the billions that Texans spend by going to Louisiana and Oklahoma to gamble (I'm not including Vegas, since that is an actual "trip" whereas most Louisiana/OK trips are just a close drive).

The whole idea of just legalizing gambling on Indian Reservations doesn't seem like it has support.

I do think that if it is legalized then we will see about 6-7 major casinos in the Houston area pop up in the first year: 2 or 3 on the long-vacant Astroworld plots, a couple in the Kemah area, a couple in the Galveston area...and eventually the big one: a converted Astrodome.

I'm not a gambler, personally. I like my money too much, and I do not have a "poker face" to save my life. I have lived around some casino areas and I would go out to them once in a while, but as an entertainment thing, not an attempt to increase my money. The fact is that Gambling would provide a substantial boon to the Houston area. We're talking a large influx of jobs and it would elevate our standing as a Convention City.

If it comes up on the ballot this year I'm voting yes.

x- · Post #2 » by x- » Sun May 8, 2011 11:03 pm

I lost 180k the other day.

Play money.

zapatasblood · Post #3 » by **zapatasblood** » Mon May 9, 2011 4:36 pm

Hell Yes on legalizing it and turning the dome into a casino. I love that Dome and never want to see it torn down. To many memories. I also would not gamble a lot but the money it would bring would give this state the cash infusion it needs. Maybe those idiots in Austin will not cut the budget for education anymore.

MaxRider · Post #4 » by **MaxRider** » Mon May 9, 2011 4:56 pm

yea i'm not a gambler
it's like me putting some coin into arcade and pressing some button
only bet few nba games
couple blackjack game in lake charles
play some slot (won over $100 on penny machine in vegas

)
play some slot in macau (i broke one of their machine :lol:

)
imo
stock is just like gambling

moofs · Post #5 » by **moofs** » Mon May 9, 2011 5:27 pm

MaxRider wrote:imo, stock is just like gambling

It's exactly like it except for one major difference: stock returns over the last 100+ years have averaged 7-10% gains per year (bonds do 3%). Over any short period of time, you're absolutely gambling. Over time, you aren't really, but your returns are highly dependent on lucky timing.

Meatcookie · Post #6 » by **Meatcookie** » Mon May 9, 2011 5:34 pm

You think they would allow the dome to be turned into a casino with it being that close to Reliant Stadium? That would be another long battle.

I can see Reliant Stadium and the Astrodome from my office window. That would be a really weird change. They would need to think about traffic patterns too. Right now I drive down Cullen so that I can bypass 288 traffic to get to 610 (it might be the same driving time with all the lights, but I prefer 40 mph and stops, vs 15 mph the entire way).

MaxRider · Post #7 » by **MaxRider** » Mon May 9, 2011 5:59 pm

moofs wrote:
MaxRider wrote:imo, stock is just like gambling

It's exactly like it except for one major difference: stock returns over the last 100+ years have averaged 7-10% gains per year (bonds do 3%). Over any short period of time, you're absolutely gambling. Over time, you aren't really, but your returns are highly dependent on lucky timing.

depend what stock you bought
most people don't have 100 years to live to get 7% back 8-)

moofs · Post #8 » by **moofs** » Mon May 9, 2011 11:07 pm

MaxRider wrote:
moofs wrote:
MaxRider wrote:imo, stock is just like gambling

It's exactly like it except for one major difference: stock returns over the last 100+ years have averaged 7-10% gains per year (bonds do 3%). Over any short period of time, you're absolutely gambling. Over time, you aren't really, but your returns are highly dependent on lucky timing.

depend what stock you bought
most people don't have 100 years to live to get 7% back

:rollingeyes: 7% annually
After accounting for inflation, it's about 3-5%. If you're in at the right time, you can get back 10-15.

MaxRider · Post #9 » by **MaxRider** » Tue May 10, 2011 4:17 pm

moofs wrote:
:rollingeyes: 7% annually
After accounting for inflation, it's about 3-5%. If you're in at the right time, you can get back 10-15.

i'm at the wrong time
last 5 years been up and down
2008 lost like 15%
2009 gain like 10%
2010 down again
2011 ... so far not good
well actually as long as i don't sell it now i still haven't lost anything

tha_rock220 · Post #10 » by **tha_rock220** » Wed May 11, 2011 3:28 am

moofs wrote:After accounting for inflation, it's about 3-5%. If you're in at the right time, you can get back 10-15.

Getting out at the right time is just as important as getting in. I bought AMD back in 99 with my Christmas money. I should have made a ton of money(think 300% in less than a year) my first year of college, but following my mother's "advice" I held off on being a campus big shot for a couple weeks. Two years later I had lost money. I told the new guy at the Edward Jones office in my town to sell it for me. I wound up being a 22 year old receiving an $1100 check rather than an 18 year old ballin' outta control with $1500. :lol:

As for gambling, Texas has been throwing it around a possible way to deal with the budget. It's an easy solution that won't address the fact that the state does one of two things, it either overspends or undertaxes. I'm not big on it, and the Dome would make a crappy casino. How beneficial would it actually be economically???

College Boy · Post #11 » by **College Boy** » Wed May 11, 2011 8:17 am

I'm definitely for legalizing gambling in Texas (keep in mind that I don't know much about gambling or it's adverse effects on it's host city). I would like for Houston to become a more tourist friendly city. And I can see how places like Houston and San Antonio would become major casino hubs.

PocketRockets · Post #12 » by **PocketRockets** » Wed May 11, 2011 5:03 pm

1) It will automatically create tons of jobs

2) It will be extra income for the state at no cost

The only thing that is of concern is the moral decline of the cities through increased suicides and poverty due to addicts and their families.

Post #13 » by **Mr. E** » Fri May 13, 2011 3:02 am

jts10 wrote:You think they would allow the dome to be turned into a casino with it being that close to Reliant Stadium? That would be another long battle.

I can see Reliant Stadium and the Astrodome from my office window. That would be a really weird change. They would need to think about traffic patterns too. Right now I drive down Cullen so that I can bypass 288 traffic to get to 610 (it might be the same driving time with all the lights, but I prefer 40 mph and stops, vs 15 mph the entire way).

NFL might put up some token resistance, but not too much, I think. I've seen some of the floorplan proposals for Astrodome conversion ranging from hotel/casino to museum to indoor ski slope (seriously...). I don't care what happens with the 'Dome as long as two criteria are satisfied:

1) It becomes self-sustaining again;

2) We never, ever, EVER consider tearing it down.

Our city has only been around since 1836, and while we do have a lot of cool stuff around town there is nothing that compares the the instant recognition that the Eighth Wonder of the World brings. If some casino group wants to put the money into converting (bear in mind, not altering the exterior appearance from what I've seen), then I'm all for it!