Casinos are often thought of as shady businesses, but in reality, they provide much-needed jobs and income to local economies. For example, the casino industry helped create or keep about 600,000 jobs in America alone, generating $7 billion for state and local governments. Though casinos have an economic impact on their communities, they also pose problems such as crime rates rising near casinos. With so many benefits and drawbacks, it is essential to understand how your community will be impacted by opening a new casino before deciding whether or not you want one in your town.
The casino industry creates jobs
A study done by John Beshears of Stanford University and his colleagues found that the American casino industry created or kept about 600,000 jobs in America alone, which generated $7 billion for state and local governments. The study also found that a list of trusted online casinos are responsible for significant job growth in an area. For example, a 5% increase in employment from a casino will create 21 to 40 additional permanent jobs.
Casinos attract tourists and increase tourism in a city
Casinos attract tourists and increase tourism in a city. In 2020, there were over 81 million visits to Las Vegas. Casinos make up nearly 40% of all the leisure spending in Las Vegas every year, about $9 billion that didn’t exist without casinos.
Tourists have different activities and gambling games, which draw people from all over who want to visit a casino at least once in their lifetime to unwind and enjoy what casinos have to offer.
Casinos can be used as entertainment
Casinos can be used as entertainment for those visiting an area. A study done by Paul C. Brewer in 1994 found that 10% of the people who went to casinos came back because they enjoyed being there, and another 35% of them returned because they wanted to play more games or win their money back. This is a massive increase from the 5% to 20% found in other studies of gambling behaviour.
The state taxes casino revenues
Casinos pay taxes when they make a profit—the state taxes casino revenue. In 2020, the average casinos’ tax in America was around 30%. It shows that the local economy is dependant on casinos to operate.
Crime rates to increase near casinos.
Crime rates can increase around casinos. Local people’s spending habits change when they’re inside a casino, leading them to steal more money than before to get as much money as possible from the casino since they will lose it anyway.
Conclusion
Casinos are a boon to the local economy because they bring in tourism and jobs for locals. They also provide entertainment, suitable for people who have nothing else to do with their time. However, casinos may not always be beneficial to an area if crime increases or becomes more of a tourist attraction than anything else. One thing is sure – casinos don’t discriminate about where they go; no matter what city you’re in, there’s bound to be one nearby that will take your money!
Reference
- https://extension.umn.edu/economic-development/understanding-local-economies
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