Forum Archive Index - March 2004

["Karyn W" <karyn_in_oz@hotmail.com>]

Hi
I would like to point out that gambling companies contribute positively to 
society and people's well being, and the activity itself is detrimental to 
only a very small minority of people who have psychological issues long 
before they started gambling with their own, or others, money.  Most people 
treat it as an enjoyable night out, or an occasional flutter on a big event.

In terms of ethical investing, or on principle, gambling stocks are actually 
good companies because :

(1) Gambling contributes large amounts of state tax revenue, which is spent 
on providing a number of public services that everyone enjoys.  In Victoria, 
15% of govt tax revenue comes from gambling.  Without this income, all of us 
would be worse off, or paying higher taxes elsewhere.

(2) A significant amount of money is donated to charities, who without the 
support of these companies, would not be able to do half the good they do in 
the community.  Sky City in NZ for instance donates 2.5% of its profits to 
charity and community grants - which to date totals over $12 million.  
Jupiters Casino in Queensland has distributed over $46 million to local 
charities and organisations.

(3) A large number of sports, community, and recreational clubs depend on 
gambling revenue for their existence, at all levels in the community.  As an 
example, the AFL clubs Essendon, Hawthorn, and Geelong would not be 
financially viable without the contribution of gaming income.  The recent 
restrictions on gaming machines and the non-smoking legislation is now 
seeing many small local clubs facing closure as members fees alone cannot 
cover the cost of running the club or sports team.

So for the small number of people who have problems with gambling, many more 
millions of people benefit positively from the contributions these companies 
make in the community.  In reality, they do more good than they do harm.

Karyn
Discl hold SKC, PBL, ALL

_________________________________________________________________
What's your house worth? Click here to find out:  
http://www.ninemsn.realestate.com.au


----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/chat/forum/