Gambling on gambling has not paid off for some cities, meaning bankruptcy may be in the cards.  Municipal debt doesn’t care where the money isn’t coming from…

Both Atlantic City, NJ and Las Vegas, NV bet on gaming to turn their sleepy towns into entertainment centers.  It worked for a while, especially in Vegas, but with the expansion of gambling throughout both the US and the rest of the world is having an impact on both cities.  Now with tribal casinos close to many metropolitan areas and lavish casinos opening in Asia, gamblers don’t have to go as far to get their fix.

The result is lower property values and lower tax revenues.  This means less money for government services like police, fire, and public works.  Government must borrow to meet the revenue shortfalls, leading to an increase in municipal debt.  The affect on citizens is receiving fewer services and contending with longer response times.

So what does this mean to you?

It means that citizens have to take on more responsibilities as governments struggle financially.  This means becoming your own first responder and being prepared for a range of disasters before they happen.  Its the responsible thing to do for yourself, your family, and your community.