Yes, golf is fucked, but we are much more worried about the decline in gambling. First, removing the privately collected math tax is likely to continue to pound the economy and housing markets in the Southwest into even smaller pieces of rubble. Second, we are going to lose the positive redistribution effects that pull capital away from the mathematically challenged, or those who can afford to piss cash away, and dump it onto the hard-working employees in the gambling industry. Yes, many stimulus benefits come from the wheel, but these math-tax and super-wealthy clients also support the many small businesses and entrepreneurs in the retail narcotics and unregulated adult entertainment industries.
Of course, these devastating effects are a direct result of Congressional and executive branch scorn:
The negative publicity associated with Las Vegas is spurring cancellations across the city, already hurt by the U.S. recession, Wynn Resorts Ltd. Chief Executive Officer Steve Wynn said earlier this week. The chairman of "one of the healthiest companies" in the U.S. paid a $3.3 million fee to scrub a $5 million sales training event, he said.
Cancellation fees won't last forever. We aren't sure what solution there is but to provide a sin-bailout. In these desperate times it is only fair, after all- particularly to those employees working their way though college now that subsidies will be undergoing upheaval.
Bank of America Moves Health-Care Event From Vegas [Bloomberg]