re: Spin off thread : Gambling in the state of Louisiana

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I'm down to my last 2 weeks of LSU Shreveport's MBA program

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Congrats on this generations MBA's, hopefully you will fix the crap your previous MBA's left in their wake of greed and quick profits.

From an old guy some thought for the USA's future in your lifetime

#1 Modern MBA's wet dream is subscription assets (even your car and house) with ZERO labor costs (see also AI) but in the end it will crash the USA.

Nothing like a paycheck for your labor, say what you will but it may be the best boost of self worth and self esteem you will find

#2 Capitalism does NOT mean free markets

If you are still in school and want to understand free markets research "Game Theory" first, then research "Public Choice Theory" as to why we discuss Capitalism and Free Markets as the same in the mainstream media, and why they are not

#3 What you will not learn in school at the undergrad or grad level is that ANY business is not and newly minted MBA's answer but a person who has learned a business from the ground to the top

No matter what you think you do for business, what you actually do is service.

as example, since 1980 most banks are in the red if you remove Fee Income and profit venters like Trust / Wealth management income.

as example, after the Great Depression, FDR got it right in hiring the foxes who profited from the Crash to create the laws to protect the henhouse in the future. There is a solid reason Investment Banks, Insurance Companies, and Retail Banks were not allowed to be in a single holding company.

TL : DR - if folks in the USA do not have employment they do not have real purchasing and that will not mean future economic growth


PS - do not be a wage slave saddled with debt, have less but sleep better at night

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#3 What you will not learn in school at the undergrad or grad level is that ANY business is not and newly minted MBA's answer but a person who has learned a business from the ground to the top

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Been in oil and gas for 20 years and it became clear to me that the company only cared about their process, and not my ability to solve problems. The only thing I could do to better myself was get more education, and the education made me realize that the process we use is pumped out of colleges. Just buy a work management system and shove it down everyone's throat. It's the least risk to the business managers.

You're right about cracking a small nut each month. Got my mortgage down to 50k and no other debt. We do well because of the job I have, and not worrying about the checking account is a fantastic way to live.

From your point

My argument is that Louisiana's business deals rarely benelit the taxpayers

Somewhere in the 80's or 90's I was a deep source - not credited but known to the professor - about public (taxpayers) funding for corporate sports welfare. I think it was a thesis paper for a Doctorate Candidate but this is not a new discussion and we have Democratic backers who build infrastructure as well as Republican backers who do the same. When you get to be my age you see it in both sides. The man paying attention with avoid the sales pitch and go to the numbers as this person did for their thesis. Quite enlightening then and I wish I could remember now the author as I feel sure that professor is either dead or retired by now.

Outside of Jerry Jones / Jerryworld I am unaware of any college or pro venue operates events close to 365 days a year as they do at the Death Star. Look at Tiger Stadium and the cost to build, maintain, and operate where the major revenue stream for the year is home men's football games (say 5 event days in a 365 day year). I knew a man with a 1/2 billion road construction company and a 3rd grade education*. A project bid for 1 million would cost the state 30 million when finished. How many small business could get away with that kind of grift.

* He had the ability to add / subtract / multiply / divide and did his math with a pencil. My memory is foggy as 3rd grade was so long ago but I think that is when you learned these skills.



PS, in any long term issue the OP stands on gambling

#1 Permanent jobs
#2 Construction jobs (one time benefit)
#3 Temporary jobs (seasonal recurring)
#4 Associated jobs

Using the horse business as example

Equine lawyers
Equine bankers
Equine accountants
Vets
Barn management (racing)
Barn labor (racing)
Construction (racing)
Service (racing)
Barn management (farm)
Barn labor (farm)
Construction (farm)
Service (farm)
etc
etc

As in OP, horse racing is one of the greatest provider of jobs across the gambling and sports spectrum and that does not include tourism dollars and the like.

If ICE ever invades the backsides of horse tracks, you can kiss racing goodbye. 90% of the workers are illegal.

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90% of the workers are illegal.

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A problem started by wealthy Texans who brought illegals to work their barns and farms in the 1980's because they were too cheap to pay the blacks and whites a reasonable wage and created the mess in the first place. I was there for the Bunker Hunt (Kansas City Chief's owners brother) dispersal and it was like an old Keystone Kops movie with the immigration service handcuffing the labor to fences and the illegals crawling in the muck pits to hide at Keeneland of all places.

It is not like we have created a society to work for itself. Just the ultra rich wanting slave labor if they could get it. They rest of us are just losing ground and more middle class are moving down, not up.

I remember when that happened. Didn't Gene Klein liquidate as well, or Lukas just bankrupted him like he does everyone? Speaking of DWL, he isn't going to Saratoga this year because of "operational" costs, etc. Said he lost 33k this year alone. My guess is on the slots at Derby City because he is banging down the door at 10am

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Speaking of DWL

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Not a trainer, just a manager. Charlie and he were tied one year but Charlie had about 20 horses in the barn, DWL had about 200. Cream rises to the top in doing more with less.

Known DWL for at least 1/2 century or so and the stories!

Would never let him get near any horse I saw promise in.

That seems to be a common trait with many horse stable owners. I think all the $$$$ goes to the horses and everything else is a charade.

No Kentucky. Originally from NOLA