Since the 1980’s, thirty states have made the surprising decision to join Nevada and Atlantic City in legalizing gambling. The main reason for this dramatic shift in policy, is due to the fact that other states are beginning to realize the potential for economic growth that casinos can bring to an area. Not only do casinos bring taxable revenue to state and local governments, they can help boost employment, and increase business profits. In 2001, Nevada reported $9.5 billion in annual profits, making it possible for the state to fund important programs such as education, housing, and health care. While state and local governments are certainly benefiting from the new tax revenue, area businesses are also seeing an increase in sales and profits.
Retail Sales are Rising
Recent studies are beginning to show that casinos can increase sales in area businesses. While some economic experts worried that the shops and restaurants included in many casino complexes would actually hurt local businesses, the opposite is proving to be true. Area restaurants and nightclubs both report higher earnings after a casino is opened, and many also reported increasing employment and even opening expansions. Along with the food and beverage industry, chain and local retail outlets are also experiencing higher retail sales. Much of this is due to the increased numbers of visitors and tourists who come to enjoy the casino and local attractions. Another important retailer reporting higher profits are the area liquor stores. While this increase may worry some, states and local businesses are benefiting from the increase tax revenue that the casinos are helping to generate from liquor sales. It is not just casino complexes that are helping to rejuvenate area businesses, but online gaming sites are also contributing to lagging local economies.
Online Casinos and Businesses
While it may be difficult for many to understand how online casinos such as, www.platinumplaycasino.com can help with business growth, studies are showing that in fact they can. Countries with legalized online gaming now only report an increase in taxes going into their economies, but also an increase in retail sales. Experts expect that as more and more countries will begin legalizing these online casinos as they see the positive effect these online gaming sites can have on local businesses and economies.
The debate over the positive and negative effects casinos have on local businesses and economies is not likely to end anytime soon. What is not being debated is the positive effect that these gaming complexes can have on an area’s economy. Not only is the tax revenue used to support and implement many of the government programs, including health care and education, the increased revenue has an extremely positive affect on area businesses. Increased sales, added employment, and even expansions are just some of the benefits that both established and online casinos can bring to an area.