By Margery Beck...
ASSOCIATED PRESS
OMAHA, Neb. -- Don't count billionaire investor Warren Buffett among those who hope to replenish drained Nebraska coffers with money reaped from casino gambling.
Buffett, chairman of investment company Berkshire Hathaway Inc. and one of the world's most influential investors, said he likely will vote against a measure slated to appear on the Nov. 2 ballot.
That measure, passed this spring by the Legislature, would allow for two casinos, anywhere in the state, but would not allow additional slot machines at other locations.
"I don't like the idea of government ... essentially hoodwinking the citizenry," Buffett said Sunday at the conclusion of a three-day annual Berkshire shareholders' meeting.
Another proposal, for which petition signatures are being collected to put it on the ballot, would legalize casino gambling and place about 4,900 slot machines across the state.
Buffett said he understands the temptation Nebraska officials face, especially at a time when the Legislature faces a $305 million shortfall to be addressed next session.
"It is a perfect way to raise money. It is basically a tax on ignorance," Buffett said, adding that gambling takes money from society's most desperate people.
Nearly 75 percent of patrons of two casinos and a dog track in Council Bluffs, Iowa, come from Nebraska and others outside Iowa, according to figures from the Iowa Racing and Gaming Commission.
Supporters of casino gambling in Nebraska say allowing casinos in the state would keep much of the gambling money flowing into Iowa within Nebraska.
Competing Las Vegas casino interests have already been scouting out places in Nebraska to locate, particularly along Omaha's riverfront -- setting up direct competition with the Council Bluffs casinos.
All the more reason to reject any casino measures, Buffett said.
"Gambling institutions do not bring out the noblest characters in society," he said.
Berkshire vice chairman Charlie Munger, who lives in Los Angeles, is even less of a fan of casinos.
"I hate legalized gambling," Munger said when Buffett asked his opinion. "I have voted against every gambling effort I've ever encountered."
ASSOCIATED PRESS
OMAHA, Neb. -- Don't count billionaire investor Warren Buffett among those who hope to replenish drained Nebraska coffers with money reaped from casino gambling.
Buffett, chairman of investment company Berkshire Hathaway Inc. and one of the world's most influential investors, said he likely will vote against a measure slated to appear on the Nov. 2 ballot.
That measure, passed this spring by the Legislature, would allow for two casinos, anywhere in the state, but would not allow additional slot machines at other locations.
"I don't like the idea of government ... essentially hoodwinking the citizenry," Buffett said Sunday at the conclusion of a three-day annual Berkshire shareholders' meeting.
Another proposal, for which petition signatures are being collected to put it on the ballot, would legalize casino gambling and place about 4,900 slot machines across the state.
Buffett said he understands the temptation Nebraska officials face, especially at a time when the Legislature faces a $305 million shortfall to be addressed next session.
"It is a perfect way to raise money. It is basically a tax on ignorance," Buffett said, adding that gambling takes money from society's most desperate people.
Nearly 75 percent of patrons of two casinos and a dog track in Council Bluffs, Iowa, come from Nebraska and others outside Iowa, according to figures from the Iowa Racing and Gaming Commission.
Supporters of casino gambling in Nebraska say allowing casinos in the state would keep much of the gambling money flowing into Iowa within Nebraska.
Competing Las Vegas casino interests have already been scouting out places in Nebraska to locate, particularly along Omaha's riverfront -- setting up direct competition with the Council Bluffs casinos.
All the more reason to reject any casino measures, Buffett said.
"Gambling institutions do not bring out the noblest characters in society," he said.
Berkshire vice chairman Charlie Munger, who lives in Los Angeles, is even less of a fan of casinos.
"I hate legalized gambling," Munger said when Buffett asked his opinion. "I have voted against every gambling effort I've ever encountered."
