New book by Larry Connors Click here Improve your trading - See how
One unemployed man said the Point Molate project proposed by the Guidiville Band of Pomo Indians was a godsend for job seekers trying to support families.
"When there's no work, there's no medical coverage," he said. "When there's no work, there's no dental."
How could anyone argue with that?
Then a woman stepped to the microphone and spoke of the lives ruined by gambling addiction. She said that more than a million people in California have a gambling problem, and another casino will create more of them.
How could anyone argue with that?
The speakers, each limited to three minutes, continued in this fashion for nearly three hours. Those in favor of the project outnumbered opponents, but that wasn't as striking as each advocate's absolute certainty in his or her position.
One man said job opportunities would take teens off the street, give a purpose to their lives and curtail crime. Another was equally certain that a casino would attract miscreants, prey on the poor and pave the way for more gambling dens.
Sides were drawn and positions taken. You loved the idea or you hated it, simple as that.
Except nothing is simple about this project, and that includes whether it ever happens.
Richmond has said
OK, but only the U.S. Department of the Interior can declare 266 acres of the former Point Molate Naval Fuel Depot an Indian reservation eligible for casino development. The county is only an advisory agency, whose endorsement is important but unnecessary.
Still, that decision weighs heavily, with strong arguments for and against.
Richmond, battered by the economy and high unemployment, desperately needs a boost. Gambling, which keeps company with the deadly sins, attracts dollars the way dogs attract fleas. The question is whether the payoff is worth the risk.
Supervisor John Gioia, in whose district the project would be built, long opposed urban gaming before recently reversing himself. A fair guess is that he saw the handwriting on the wall and tried to make the most of a difficult situation.
In exchange for the county's blessing, the tribe would pay it $12 million a year -- $7 million for environmental protection and restoration and for safety needs and $5 million in community benefits. The pact would clear the path for Las Vegas-style slots for the first time in county history.
Gioia, a longtime West County resident, said he would prefer an economic development tied to something other than a casino, but the upside is impossible to ignore -- an estimated 1,000 construction jobs, beginning in 2011, and 4,500 casino jobs starting in 2014. Labor unions have made no secret of where they stand.
"If you layer the additional revenue for county services and programs in West County on top of the jobs and economic development, this project could turn into a net benefit for the region," Gioia said, sounding as if he still was trying to persuade himself.
No sense asking his constituents. They've come down squarely on both sides of the issue.
"I've been accused by some of flip-flopping," he said. "Others say I've evolved and are glad I've reassessed my position."
No mixed emotions for Andres Soto, founder of the Coalition to Save Point Molate.
"I think gaming is a regressive tax on poor and working-class people," he said, "and to put it in the face of people in West County will be highly destructive. It's a very bad development strategy for a community.
"The construction jobs are great. My problem with that is once everything's built, we're going to be stuck with a casino."
And 4,500 jobs. Don't forget that.
The undercurrent is what might follow. Will Casino San Pablo, which is licensed for electronic bingo machines, lobby for real slots? Will the Scotts Valley Band of Pomo Indians, pushing for a casino along the Richmond Parkway, add yet another Vegas-like lure?
Will Richmond wake up one morning as the Atlantic City of the West? Would that be bad or good?
The only absolutely certain people were those speaking at Tuesday's meeting.
Reach Tom Barnidge at tbarnidge@bayareanewsgroup.com
To see more of the Contra Costa Times, or to subscribe to the newspaper, go to http://www.contracostatimes.com/. Copyright (c) 2009, Contra Costa Times, Walnut Creek, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
