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