Massachusetts and Slots- Part 2
There were many supporters of the initiative that ranged from race track owners and executives to legislators looking to bring in an additional money-generating move for the state. Thus far, experts are estimating that by legalizing and regulating gambling the state could potentially have access to $170 million to $500 million in revenues, compared to the $395 million Foxwoods and Mohegan Sun provided to Connecticut last year. In addition, the Economic Development Committee also heard estimates that casinos could create between 1,000 and 10,000 jobs, including short-term construction jobs and longer-term employment for the state. Looking at the numbers from neighboring states, Rhode Island, Connecticut and Maine employ 23,600 people as a result of gambling and are showing signs of bringing more jobs to each state due to further expansions.
Casino owners and supporters are working hard to try to keep gambling money in the state. With casinos available in other, easily reachable, neighboring states many residents are traveling to gamble elsewhere. If the state could create viable casinos within, they could benefit from the money available and build up their own state infrastructures. So far at least 24 stats are in the midst of gambling and casino expansion since the recession began. The Nelson Rockefeller Institute of Government at the State University of New York found that state income from gambling increased nationwide at a steady 5% annual rate — from $15 billion in 1998 to $24 billion in 2008.
Connecticut brought in $184 million in slots revenue in 2008. The interesting fact is that was when the recession was most detrimental to the state. The previous year it was $196 million. It’s no doubt that casino gambling has brought millions of dollars into the economy already. Legislators know the financial power they have with legalizing gambling and bringing in tax-revenues. A University of Massachusetts study showed recently that Rhode Island brought in $240 million from Twin River Casino and approximately $43 million from Newport Grand Casino in 2008. Maine brought in over $23 million from Hollywood Slots Casino. With numbers like this, it’s no wonder Massachusetts is pining for slot machines. The stress of a huge deficit and the aftermath of the recession is bringing legislators to few options for finding additional money.
Part three coming next.
Tags: legal, Massachusetts, slots
