By definition, when a state agency dictates site plans, investment and other regulatory matters you do not have a “free market”, at least in the classic sense. Even more important though, is the local casino market is saturated and then some at precisely the time Cities like Waveland finally decided to try to get into the game.
The basic tenants of economics neither exclude or favor certain industries or businesses. And when you have a weak sister in a saturated market:
Jimmy Buffett’s Margaritaville Biloxi to close “on or before” Sept. 19 ~ Warren Kulo
Casinos in Tunica have closed recently due to the competition from other states that have since legalized gambling. Here is a timely piece from the Nation’s #2 gaming market, Atlantic City, New Jersey:
Atlantic City doomed by glut of casinos in region ~ Wayne Perry
Meantime ground just broke in D’Iberville on the Scarlet Pearl. Far be it from me to cast aspersions at a privately funded Casino because I won’t but dropping the phrase building into a headwind isn’t too strong a term for the context.
In my opinion, if the economic development people folks in Jackson had an ounce of sense, they’d head to Colorado, learn a few things very quickly and then get a legalized marijuana market going here in Mississippi pronto, especially since gaming isn’t pulling in tax money from other states like it used to. There are tourism tie-ins that can not be denied and the new industry would not compete with the established gaming market. The agricultural industry would get a shot in the arm to boot. Finally we’ve been growing Marijuana up at Ole Miss for many years so we have some in house expertise on the subject.
The only problem I can see is the idea, while certainly progressive, makes too much sense. That said Mississippi was an early innovator in decriminalizing possession per NORML so maybe it is not too progressive given the money that can be made for the state. As an added bonus the state would not have to give away any taxpayer funded handouts to so called private business people to seed the marketplace.
Here is a two pack on this general subject:
Colorado recreational pot sales dip for 1st time ~ AP
Including licensing fees and medical marijuana taxes, Colorado collected about $5.7 million from marijuana in May. The state has collected a total of $34.9 million from all marijuana taxes, fees and licenses since recreational sales became legal in January.
Tourists matter: What marijuana sales in Colorado can teach Washington ~ Jake Ellison
“By definition, when a state agency dictates site plans, investment and other regulatory matters you do not have a ‘free market’…”
You could not have said it any more clear.
Sounds like the hospital market with its bed allowances.
The MJ market is long term probably not much of a winner. Way to easy for people to jump in and essentially drive profits down to the margin. Granted that is true of most commodities in a market economy.
Mississippi does not limit Casinos that way. It is more insidious in certain respects because the target is moving and has evolved through time as to what constitutes a winning license application.
I agree on marijuana, but the early innovators will certainly benefit just like with Gaming. The time to decide to jump in isn’t after Texas, Louisiana, Alabama and Tennessee decide to hop on the bandwagon.
To the extent economic development in the South these days means stuffing taxpayer subsidies into the pockets of movie makers from California I know better than to expect the folks at MDA to listen to good advice but hope springs eternal.
I agree Mississippi with its friendly hospitality needs to jump onto the MJ wagon and not become a caboose player in the MJ market. But it should also limit sales to specific sites around and even in the casinos themselves so tourists can get the best for their traveling buck ( i.e. hey dude we drove 2-3 hours to get here so why don’t we toke one, get hungry and eat a casino buffet then go pull some handles or play a couple hands of Blackjack and make it a fun day).
Then people across the country would tweet – ‘ hey dude I was wrong, I thought Miss. was a bunch of conservative, homophobic red necks when in reality its a cool destination and happy place to visit. ‘