Trends in Gambling Revenue to the States The Civic Federation And Federal Reserve Bank of Chicago Chicago, IL Lucy Dadayan April 2, 2015.

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Presentation transcript:

Trends in Gambling Revenue to the States The Civic Federation And Federal Reserve Bank of Chicago Chicago, IL Lucy Dadayan April 2, 2015

Outline  Gambling availability across the nation  National trends in gambling revenue  Revenue is defined as tax and fee revenues transferred to the state and local government  Growth in casino vs. racino revenue  Gambling revenue trends in Great Lakes  Points for consideration for policymakers Rockefeller Institute of Government 2

Gambling availability Gambling Type# of states Period when gambling was adopted Pre Lottery Casinos/117 (+2)4724 (+MA, NY) Racinos Pari-Mutuel43 Indian Casinos28 Rockefeller Institute of Government 3 1/ NY and MA also legalized casino operations but have not opened the first casinos yet.

Lottery Still The Big Player in Gambling Shares of Gambling Revenues, FY 2014 Rockefeller Institute of Government 4

More Gambling, Not Much More Revenues Since The Great Recession (2014 dollars) Rockefeller Institute of Government 5

Nominal Growth in State Gov. Total Taxes vs. Gambling Revenues, FYs Rockefeller Institute of Government 6

Geographic Distribution of Casinos Rockefeller Institute of Government 7 Notes: Casino locations are not shown for NV and SD. MA legalized casino operations and will open 3 casinos and 1 slots parlor. NY legalized casino operations and will open 4 casinos. In certain states (i.e. CO), casinos are highly concentrated in a small geographical area.

Geographic Distribution of Racinos Rockefeller Institute of Government 8

Geographic Distribution of Casinos & Racinos Rockefeller Institute of Government 9 Notes: Casino locations are not shown for NV and SD. MA legalized casino operations and will open 3 casinos and 1 slots parlor. NY legalized casino operations and will open 4 casinos. In certain states (i.e. CO), casinos are highly concentrated in a small geographical area.

Trends in casino revenues, FYs Rockefeller Institute of Government 10

Gambling revenue from casinos (real, $ millions) Rockefeller Institute of Government 11 StateFY 2013FY 2014% change AAGR United States $ 5,445.8 $ 5,293.1(2.8)2.3 Colorado (0.8)(2.3) Illinois (8.8)(0.0) Indiana (17.3)(9.4) Iowa (5.9)(1.7) Kansas (3.3)N/A Louisiana (0.8) Maine (0.9)N/A Maryland N/A Michigan (4.8)(1.7) Mississippi (7.4)(5.2) Missouri (6.8)(3.6) Nevada New Jersey (8.5) Ohio N/A Pennsylvania (1.1)13.9 South Dakota (6.9)(3.0) West Virginia4.23.8(9.1)N/A

Casino Admissions are Down, Selected States Rockefeller Institute of Government 12

Casino Admissions vs. Taxes in Illinois Rockefeller Institute of Government 13

Trends in racino revenues, FYs Rockefeller Institute of Government 14

Gambling revenue from racinos (real, $ millions) Rockefeller Institute of Government 15 StateFY 2013FY 2014% change AAGR United States $ 3,188.7 $ 3,188.1(0.0)1.8 Delaware (14.6)(10.3) Florida Indiana (3.6) Iowa (2.2)(0.8) Louisiana (5.2)(1.7) Maryland (15.4)N/A New Mexico (1.0) New York Ohio N/A Oklahoma (1.8)8.6 Pennsylvania (9.3)(4.6) Rhode Island (0.7)0.7 West Virginia (15.0)(6.7)

Great Lakes comparisons, I Rockefeller Institute of Government 16 State Gambling Availability Share of U.S. gambling revenue & rank, FY 2014 LotteryCasinoRacino Video Gaming Pari- mutuel Revenue share Rank Illinoisxxxx 5.4%4 Indianaxxxx 3.3%13 Michiganxxx 3.7%9 Ohioxxxx 4.4%8 Wisconsinx 0.6%32 Neighbors Iowaxxxx 1.4%22 Missourixx 2.6%16

Great Lakes comparisons, II Rockefeller Institute of Government 17 State Gambling revenue per resident above 18, FY 2014 Gambling revenue as % of personal income, FY 2014 DollarsRankPercentRank Illinois $ %18 Indiana $ %7 Michigan $ %14 Ohio $ %15 Wisconsin $ %40 Neighbors Iowa $ %13 Missouri $ %11

Points for policymakers  More gambling brings in more revenue  However, some new revenue represents a shift, rather than net growth  Future growth in gambling revenue will not keep pace with tax revenue, or spending  If gambling revenue is intended to support part of the overall budget, gaps may emerge in future years  Gambling is a slow-growing revenue source & not a solution in the never-ending quest to balance the budget Rockefeller Institute of Government 18

Hard-to-Measure Variables for Policy Analysis  “iGaming” = Impact of Internet gambling on traditional casinos, lotteries, etc.  Regional expansion of gambling and competition  Bankruptcy due to pathological gambling  Increased crime rate  Unemployment and loss of productivity  Problem gambling Rockefeller Institute of Government 19

Rockefeller Institute The Public Policy Institute of the State University of New York 411 State Street Albany, NY Lucy Dadayan Senior Policy Analyst (518)