Lawmakers banking on casinos as a way to boost the economy should take a look at Reno. Nevada’s other city is refurbishing its bowling stadium in an effort to reinvent itself and attract new visitors. (Insert joke here.)
Reno was hit hard by the housing bubble. High unemployment, bankruptcies and foreclosure have forced the city to layoff workers and cut programs for the last five years. Its largest casino filed for bankruptcy protection in May. The downtown lacks residents and is dotted with empty buildings alongside faded casinos. A new marketing campaign doesn’t even mention gambling – the main industry in Reno.
“Reno has had it easy until recently because it had a monopoly on things that were illegal in the other states,” Alicia Barber, a historian at the University of Nevada, Reno, and the author of “Reno’s Big Gamble,” told The New York Times. “But now it’s facing tough questions for the first time. It’s like a child star that still wants the world’s attention.”
Reno is a harbinger for other states and cities banking on casinos to lure visitors. The market is quickly becoming saturated. Instead of attracting tourists, the casinos rely on locals. But those gamblers only have so much to spend and little in the way of growth. The result is a casino bubble that is starting to run out of air.
Bowling anyone?
