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Date: April 30, 2024 Tue
Time: 2:02 am
Time: 2:02 am
Results for casino gambling (u.s.)
1 results foundAuthor: Mallach, Alan Title: Economic and Social Impact of Introducing Casino Gambling: A Review and Assessment of the Literature Summary: Casinos can produce significant economic effects in the communities and regions in which they are located, although the effects vary widely. The size of the local or regional effect depends most significantly on how many visitors the casino draws from outside the area, thus reducing displacement of existing economic activity, and the number of jobs it generates within the area, thereby increasing the multiplier effect of the casino. Although casinos generate significant public revenue effects, the net effect is difficult to estimate because the extent to which casinos displace other public revenues, such as lotteries, has to be determined and because there is a paucity of detailed assessments of public costs. Even so, in most states the rate of taxation of casinos is substantially higher than the level at which other sectors are taxed; therefore, the net effects are likely to be positive. The effects of casinos on local public revenues, however, are much more mixed because state tax regimes retain most casino revenues at the state level, often allowing only a small part of the total public revenue stream to go to local governments. The incidence of casino taxes on consumers (OR households) is likely to be highly regressive. There are also significant social effects associated with casinos, which may include increases in pathological gambling, crime, and personal bankruptcy; however, there is no consensus in the literature on either the magnitude of these effects or the costs they impose on society and the economy. So far, the experience in Pennsylvania suggests that the introduction of casinos has had a positive economic and fiscal impact, particularly to the extent that Pennsylvania's casinos are drawing gamblers who previously would have traveled to Atlantic City or other out-of-state locations. The same is likely to be true of Philadelphia's casinos; however, it is unclear whether the benefits realized by the host community will be adequate to offset local costs. Whether the short-term benefits will be sustained over the long term remains to be seen. In addition, in evaluating the effects of casinos in Philadelphia, it is important to take into account the opportunity costs associated with developing a substantial part of the city's waterfront for casinos rather than for other facilities. With the imminent addition of table games to Pennsylvania's casinos, the casinos in Philadelphia are likely to further undermine the Atlantic City casino industry, which is already showing significant declines in visitation and revenues. Details: Philadelphia: Federal Reserve Bank of Philadelphia, 2010. 34p. Source: Internet Resource: Discussion Papers: Accessed September 27, 2014 at: http://www.philadelphiafed.org/community-development/publications/discussion-papers/discussion-paper_casino-gambling.pdf Year: 2010 Country: United States URL: http://www.philadelphiafed.org/community-development/publications/discussion-papers/discussion-paper_casino-gambling.pdf Shelf Number: 133464 Keywords: Casino Gambling (U.S.)Economic AnalysisGambling and Crime |