On Wednesday, April 17, the Texas Association of Business announced a new study performed by Weinstein, Clower & Associates that measures the positive economic impacts expanded gaming would have in Texas. Modeled after proposed gaming locations featured in Sen. John Carona’s (R-Dallas) SJR 64, the study shows expanded gaming in Texas would create 74,000 new jobs, $11.8 billion in economic activity, and $1.6 billion in new state and local revenues. View the full study here. The organization’s press release is below.
TAB Releases Study Showing Major Job Creation and Investment from Expanded Gaming
74,000 New Jobs, $11.8 in New Economic Activity and $1.6 billion in New State and Local Revenue
Austin – The Texas Association of Business today released a new study performed by the respected North Texas economic firm Weinstein, Clower & Associates that demonstrates the immense impact expanded gaming would have on the Texas economy. It’s assumptions for facility expansion closely mirrors Senator Carona’s SJR 64, analyzing the impact of expanded gaming at 13 existing racetracks, the creation of six new free-standing casinos, and three Native American casinos.
“For too long Texas has propped up neighboring economies at the expense of our own, exporting jobs, revenue and investment as one of only 10 states that prohibits casino-style gaming,” said TAB President Bill Hammond. “With one simple vote of the people, we could create 74,000 jobs, increase salaries and wages by $3.4 billion, and generate $11.8 billion in annual economic activity once a limited number of casinos are completed.”
“More than four out of five Texans want to vote on gaming, and it is time their voice is heard,” said Hammond.
Weinstein & Clower utilized a 20% state tax rate for revenue projections. Their findings include:
o $945 million/year in direct state gaming taxes paid to the state;
o $260 million/year in total indirect taxes to the states;
o $302 million/year to local jurisdiction in new indirect tax revenues;
o $1.2 billion total annual revenues for state and $416 million total revenues for local jurisdictions, and;
o $15 million/year for states from hotel occupancy taxes and sales, and $7.6 million for local jurisdictions from hotel occupancy taxes and sales.
“It is important to note that economic activity generated under this kind of limited expansion of gaming represents new expenditures, and not a reallocation of other forms of spending,” said Hammond.
“Texans are the freest people on earth. We don’t want government telling us whether we can drink a big gulp, use plastic bags or play poker,” said Hammond. “Let’s put a stop to the nanny state and return to our roots as liberty-loving people capable of taking personal responsibility for our own choices in life.”
To view the full report please go to this link: http://www.txbiz.org/External/WCPages/WCWebContent/WebContentPage.aspx?ContentID=312
Bernard Weinstein is Associate Director of the Maguire Energy Institute and an Adjunct Professor of Business Economics in the Cox School of Business at Southern Methodist University in Dallas. Terry L. Clower is Director of the Center for Economic Development and Research at the University of North Texas.
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Founded in 1922, the Texas Association of Business is a broad-based, bipartisan organization representing more than 3,000 small and large Texas employers and 200 local chambers of commerce.
1209 Nueces • Austin, Texas 78701
512.477.6721 • 512.477.0836 fax • www.txbiz.org