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Regional Economic Impacts of Casino Development

Regional Economic Impacts of Casino Development . Presented by: Mike Fitzgerald. Contents. Casinos: advantages/disadvantages Considerations Choosing Policy Variables Methodology Model Demonstration Conclusion . Casinos: Advantages. Large construction spending New employment

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Regional Economic Impacts of Casino Development

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  1. Regional Economic Impacts of Casino Development Presented by: Mike Fitzgerald

  2. Contents • Casinos: advantages/disadvantages • Considerations • Choosing Policy Variables • Methodology • Model Demonstration • Conclusion

  3. Casinos: Advantages • Large construction spending • New employment • Fiscal tax revenues: personal income, corporate, etc. • New alternative spending for visitors • More choices for residents

  4. Casinos: Disadvantages • Fiscal expenditures • Gambling addiction • Cost of possible crime • Dependence on “luxury” industry • Spending reallocation • Regressive

  5. Considerations • Large business development • Industries making up the development • Competition/displacement • Government incentives and spending • Fiscal feasibility • Other socioeconomic effects • New infrastructure

  6. Possible Policy Variables • Non-pecuniary aspects • Translator variables • Transfer payments • Consumer reallocation • Consumer spending • Compensation • Exogenous Final Demand: Construction • Firm/Industry Sales/Employment • Production Costs • Government spending

  7. Structural Model

  8. Methodology • Exogenous Final Demand: Construction • Exogenous Sales/Firm Employment: Amusement, gambling, and recreation • Production Costs • Local Government Spending

  9. Model Demonstration • Inputs • Choose variables • Choose values • Run model • Results • Employment: by demand source • Fiscal revenue/expenditure drivers

  10. Conclusion • Many different variables and considerations • Casinos affect regions differently • relatives measures • industrial makeup of the region • consumer behavior in regions

  11. Contact Us www.remi.com info@remi.com Headquarters: 433 West Street, Suite 4 Amherst, MA 01002 TEL: 413.549.1169 FAX: 413.549.1038 District Office: 700 12th St. NW, Suite 700 Washington, DC 20005 TEL: 202.904.2490

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