Can Gambling Really Create Economic Development? Randy Childs Economist Bureau of Business and Economic Research.

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Presentation transcript:

Can Gambling Really Create Economic Development? Randy Childs Economist Bureau of Business and Economic Research

Can Gambling Really Create Economic Development? WVU Bureau of Business and Economic Research What is an economic impact? Mountaineer on the WV economy Presque Isle Downs on the Erie economy Crime Questions

Bureau of Business and Economic Research Economic Forecasts Public Policy Economic Development Economic Impacts – Mountaineer – The Greenbrier – Tourism

What is an economic impact? Converts activity to jobs and output Compares different activities Impact vs. Benefit Net Impact vs. Gross Impact

Impact of Mountaineer on the West Virginia Economy Race track Casino The Harv Spa and Fitness Center Conference and Convention Center Hotel Dining Golf

Impact of Mountaineer on the West Virginia Economy 1998 Impact Gross impact 1,400 employment impact $129 million business volume impact $22 million in employee compensation

Impact of Presque Isle Downs on the Erie County Economy What will they have? – Race track, casino, lodging, restaurants, etc.? What region are you interested in? – Erie County? Region? State? Where will the visitors come from? Will the money being generated be new money for the economy? What is the multiplier? What additional effects will it have on the region? – Social costs and benefits? – Crime?

Will you see an increase in Crime? …What have we seen in West Virginia?

Thank You!