Only government could create a situation like we have with the casinos and the dog racing industry. Casinos want to pay the dog racing people $92 million so that they won’t be required to continue to subsidize dog racing.
In any kind of free market situation, the casinos would either shut down the dog tracks or sell them to a private investors, if any could be found. In a free market, casinos would have competition. But, in Iowa, the casinos are protected from competition by government. Recently the Racing and Gaming Commission ruled against a couple of proposed new casinos because they would “cannibalize” other casinos. So, casino profits are protected and dog owners get bailed out. This is cronyism at its best.
The only good thing about this whole situation is that taxpayers are not on the hook.