Are casinos becoming ever more vital for state budgets?
Thursday 2nd October 2008
As the US economy continues to crumble in the face of a delayed rescue package and a falling housing market it seems as though the value of the casino industry to many states around the US has never been higher. All states around the US are expecting to see their budgets slashed over the next couple of years even if the massive $700 billion rescue package goes through or not. When this happens, will the casino sector be able to bail them out?
On the surface there seems to be much dislike and anger pointed at the casino industry whereas in reality the sector is playing a major part in the everyday life of US citizens. Casinos offer a massive stream of income for state budgets and any fall off in the industry (and the overall economy) is sure to see pressure on finances.
While many states seem a little afraid to assist and back the casinos outright there is much wrangling going on behind the scenes. Casinos have been, and continue to be, a part of everyday US life and not only do they offer lucrative income streams to state spending departments but they attract massive tourist interest. Perhaps some people do not see that – or they choose not to?
As the US economy continues to crumble in the face of a delayed rescue package and a falling housing market it seems as though the value of the casino industry to many states around the US has never been higher. All states around the US are expecting to see their budgets slashed over the next couple of years even if the massive $700 billion rescue package goes through or not. When this happens, will the casino sector be able to bail them out?