Aug 16, 2011 2
Mayor Emanuel is promising to spend his new $140 million a year from the Chicago casino he expects on wonderful things that we’ll all love. While casinos will create some jobs, he tells the Tribune, “the real job growth and economic growth will come from investment” of the city’s take.
It may not be that simple. Consider the costs.
Every new slot machine at a Chicago casino will destroy one job each year, by taking money out of the consumer economy, according to John Warren Kindt, business professor at the University of Illinois at Champaign Urbana. Four thousand slots could mean forty thousand lost jobs over a decade.
Each slot machine, conservatively, takes in $100,000 a year. With the multiplier effect on consumer spending, that means that 4,000 planned slot machines in Chicago will remove $1.2 billion from the consumer economy each year, Kindt said.