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US CASINO INDUSTRY CONTRIBUTES $240 BILLION TO ECONOMY

Thursday October 2,2014 : US CASINO INDUSTRY CONTRIBUTES $240 BILLION TO ECONOMY
 
American Gaming Association release new Oxford Economics report
 
As part of the American Gaming Association's (AGA) "Get to Know Gaming" campaign, results of a new study conducted by Oxford Economics were released examining the broader economic impact the gaming industry, as a whole, has on the US economy.
 
The report covers the effect commercial casinos and manufacturers and Native American casinos have on the economy and the ripple effects this industry has moving down the supply chain.
 
Key highlights found that the U.S. gaming industry:
 
-     Contributes $240 billion to the U.S. economy, which is equivalent to the total state budgets of New York and Texas combined;
 
-     Supports more than 1.7 million jobs—more than double Washington, D.C.’s total employment—and nearly $74 billion in income;
 
-     Generates $38 billion in tax revenues to local, state and federal governments.
 
-     U.S. casinos, including those owned by Native American tribes, generate total revenues of more than $81 billion.
 
-     Casino gaming revenues of $67 billion are now at an historic peak.
 
-     American gaming equipment manufacturers, who build the table games, slot machines and other products found on the casino floor, produce nearly $6 billion in total revenues.
 
-     The industry generates more than $14 billion in consumer spending at restaurants, retail stores, hotels and other businesses.
 
-     The industry generates approximately $60 billion in payments to suppliers, including many local businesses, and injects $78 billion through gaming employees’ spending.
 
“We’ve known for a long time that our industry’s contributions have gone underestimated, but these numbers are bigger than even we anticipated,” said Geoff Freeman, president and chief executive officer of the American Gaming Association. “This further underscores the importance of our message to policymakers: work with us as partners so that gaming can innovate, reinvest and create even more jobs."
 
“The research reveals a vast industry that supports local communities across the country through business linkages and employment generation,” added Adam Sacks, director, Oxford Economics. “Given the relatively high levels of taxes on the casino industry, it supports a wide range of government services as well.”
 
A recent poll conducted by pollsters Mark Mellaman and Glen Bolger established that the majority of US voters recognise that casino gaming creates jobs, strengthens local businesses and benefits communities.
 
The full report can be accessed at: http://www.gettoknowgaming.org/sites/default/files/AGA_EI_Report_FINAL_new.pdf

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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