Casino Gambling Myths And Facts

Essay by EssaySwap ContributorUniversity, Master's February 2008

download word file, 7 pages 5.0 american gaming assoc. myths and facts MYTH There are no positive economic benefits to the community from the gaming-entertainment industry.

FACT The gaming industry is helping the economy grow by creating jobs, paying taxes and providing economic stability to hundreds of communities across the United States. Today the industry directly and indirectly employs more than one million people, from card dealers, construction workers and carpet makers, to ranchers, dancers and cooks. In 1995, the casino gaming industry alone reported $25 billion in total revenues (double the revenues from 1990). In 1995, for every $1 million in revenues generated by the casino industry, 13 jobs were created, compared to seven in the video cassette sales and rentals industry, five jobs in the cellular phone and cable TV industries, and three jobs for the soft drink industry. Casino employees alone received $8.5 billion in salaries, and another $12.5 billion were paid as a result of indirect jobs, which went to buy houses, cars and VCRs, directly benefiting other sectors of the economy.

Furthermore, the average casino industry wage was $26,000, compared to $20,000 in the other amusement and recreation industry sectors, $16,000 in the hotel/motel industry, and $22,000 in the motion picture industry. In 1996, it is estimated the gaming-entertainment industry will have made direct capital investments in excess of $3.25 billion for new construction projects across the country. For every $1 million invested, approximately 10 to 15 jobs are directly created in the gaming industry. Annually, more than 40,000 jobs are created as a result of casino industry capital spending. These investments help to improve local infrastructure and increase business opportunities. The positive economic advantages to the state and local communities with gaming-entertainment are remarkable:In Mississippi, the industry employs 3 percent of the state's entire work force. Welfare payments have...