Casino Gamblers - Deeply affected by Recession
May, 16, 2012
The economy has been hard hit by the recession which has caused many people to tighten their pockets up a bit when it comes to gambling. Extra spending has been reduced in order to send these funds in other directions such as mortgages, utilities, and other debts that need to be paid. The hits can be found across the board since the gambling revenue for the county as a whole has seen a hit of 5.5% for a total of 1.8 billion in losses. In 2008 the revenue was 32.5 billion and may even be expected to go lower in the next year or two.
The states have felt the crunch of peoples’ pockets as well. Eight different states saw their gambling revenues fall from the previous years out of the twelve that currently have legalized casino gambling not run by the Indians.
Financial experts shouldn’t be too surprised by this fact though because all areas of the economy where people need to spend discretionary income are hit when a recession happens. People need to focus on paying for their needs instead of their wants. All types of businesses such as restaurants and movies also face hits because they are enjoyment and recreational opportunities. It may come as a shock that the gambling industry saw less of a hit than these other two industries.
Lottery tickets have continued to be a huge source of revenue for the states who use these.
The states who have these in order to have a source of revenue recorded a total of $53.1 billion for 2009 while in 2008 that number wasn’t too much higher at $53.4 billion. These statistics and numbers were pulled from La Fleur’s 2010 World Lottery Almanac.
The racetrack casino industry which does not operate on nearly as high of a scale did see an increase in revenue from both their table games and slot machines both for a total of 6.4 billion. These numbers may have been skewed a bit though because Indiana just opened two different racetrack casinos so there was no profit to be lost, just made off of their opening. The revenue in this state spiked at 105%. Half of the twelve states who operate race track casinos saw their profits increase with Maine spiking a 17.2% increase while Iowa saw the biggest hit at 6.7%.
Casino gambling rose in four different states including Indiana, Missouri, Colorado, and Pennsylvania. PA saw such an increase because they opened two new ones in the previous year. Kansas just had their very first casino open at the end of the year in December which also increased the total revenue calculated between the states. Missouri and Colorado let loose on their rules a bit which allowed more individuals to gamble and in turn the revenue was increased.
Jobs and taxes also took a hit. 328,000 individuals were employed in the year 2009 down from 357,000 in the year 2008. Tax revenue was increased by $5.6 billion due to casinos, but down 1.6% from 2008.
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