A major gambling expansion has been touted as the way to pay for a proposed $34 billion construction plan in Illinois, but a new study suggests states may be counting too much on that money.
A report by the Rockefeller Institute of Government shows revenue growth from gambling across the country has slowed down over the last three years. Study authors at the New York-based think tank warn that sluggish economic growth and social objections to gambling have taken a toll on gambling revenue.
In Illinois, proponents of a statewide construction plan, including Gov. Rod Blagojevich, want to pay for it with the help of a land-based casino in Chicago. The idea stalled in the waning hours of the spring legislative session last month when House Democrats gave it a cool reception.
The state’s nine casinos brought in $142.7 million in May, down 14 percent from May 2007.
Gene O’Shea, spokesman for the Illinois Gaming Board, said the drop in casino revenue can be partly attributed to the statewide smoking ban that went into effect in January. O’Shea attributed the nationwide drop to the weakening economy.
“People don’t have as much discretionary income,” O’Shea said. “It’s going into their gas tanks.”
Whatever the reason, study authors say states shouldn’t rely on gambling as a growth stream, given their findings.
Read the whole thing!
No comments:
Post a Comment
PLEASE READ FIRST!!!! Comment Moderating and Anonymous Comment Policy
While anonymous comments are not prohibited we do encourage you to help readers identify you so that other commenters may respond to you. Either read the moderating policy for how or leave an identifier (which could be a nickname for example) at the end of the comment.
Also note that this blog is NOT associated with any public or political officials including Alderman Roderick T. Sawyer!