The Effects of Gambling on the Bahamian Economy

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The Effects of Gambling on the Bahamian Economy In 2007, when the Free National Movement Government (FNM) took office, the unemployment rate was 7.9 percent. Today, it has nearly doubled to 15.9 percent ( CIA World Factbook, 2010). In Grand Bahama, the unemployment rate is more than 21 percent. Today, approximately, one out of every three young, Bahamian is out of work. Looking back, the FNM Government has never missed an opportunity to blame the global recession for the weak economy in The Bahamas however, the global recession is only a part of the dilemma. The truth is the FNM has badly mismanaged the economy, deepening and extending the recession as was seen during their administration. In light of these misfortunes, my country now faces, the Government of today must focus on ways to increase the gross domestic product (GDP) and to pay off the staggering national debt. In order to do so, the Government should legalize gambling in The Bahamas. For years, gambling in the Bahamas was considered a social ill by The Bahamas Christian Council and they have denounced gambling, as one of the causes of our nation’s problem. According to the 1969 Lotteries and Gaming Act, it prohibits all Bahamians from participating in any forms of gambling. Unfortunately, enforcing such law is considered a major challenge (Bahamas Government, 1969). This Act is also very controversial because, it allows foreign investors to fully own and operate casinos in The Bahamas which, only caters to foreign nationals. The Bahamas hold such prestigious title of having Atlantis at Paradise Island Resort and Casino, one of the largest casino in the continent of the Caribbean. The casino has 82 operating table games and 1780 casino slot machines / video poker games or other video terminal gaming machines ( World Casino Directory, 2012). There are many advantages of the hotel casinos

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