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Cure for Connecticut's ailing economy could be gambling and drugs

The Mashantucket Pequot and the Mohegan tribes — which run the thriving Foxwoods and Mohegan Sun casinos, respectively — currently give Connecticut 25 percent of their gross slots revenues in return for exclusive rights to all casino games, a deal that produced about $270 million for the state in 2017.  Jessica Rinaldi | The Boston Globe | Getty Images The Mashantucket Pequot and the Mohegan tribes — which run the thriving Foxwoods and Mohegan Sun casinos, respectively — currently give Connecticut 25 percent of their gross slots revenues in return for exclusive rights to all casino games, a deal that produced about $270 million for the state in 2017.  Meanwhile, efforts to legalize recreational marijuana in Connecticut — where medicinal weed is already lawful — are also stuck in legislative limbo. A bill to establish the framework for legalization and regulation was narrowly approved by the state legislature’s appropriations committee, 27 to 24, in April but never came to a vote in either the House or Senate. “We made it further than ever before,” said Sam Tracy, director of the Connecticut Coalition to Regulate Marijuana, citing a status-quo bias against legalization as the main stumbling block. Conversely, a Sacred Heart University poll last October found 70 percent of state residents either “strongly” or “somewhat” support legalizing pot for adults and taxing it, so Tracy remains upbeat that one or more new bills will be introduced, and hopefully passed, during the next session. “We are organizing our growing coalition of organizations and http://vip1688gamble.blogspot.com/ community leaders to hit the ground running in the spring,” he said. The group estimates that legal weed will create nearly 19,400 jobs and add $180 million annually to Connecticut coffers. “That won’t solve the state’s $2.2 billion deficit,” Tracy said, “but it’s certainly something the legislature should be looking at.” Another strong incentive for legalizing both marijuana and sports betting is the fact that neighboring states are taking the plunges — and getting ready to lure Connecticuters across their borders. Massachusetts voters passed a pot referendum in 2016, and retail sales will begin this summer. New York Gov. Andrew Cuomo , up for reelection in November, has come out in favor of legalization, joining New Jersey’s Gov. Phil Murphy.

For the original version including any supplementary images or video, visit https://www.cnbc.com/2018/07/06/is-the-cure-for-cinnecticuts-ailing-economy-gambling-and-drugs.html

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