The basic idea of job growth is that a locally derived workforce is needed to operate a casino. As a result, the unemployment rate in the area will fall.
But the question is not whether casinos reduce unemployment but who the unemployed are. Many casino jobs require accounting, cards, security, etc. If casino Toto 사설토토사이트 relocates to an area with a relatively low-skilled labor force, the casino will likely attract highly skilled labor from outside the area. If this workforce stays outside the region and workers commute to the casino, the unemployment rate in the region remains unchanged.
On the other hand, if some skilled workers moved to nearby casinos, the local unemployment rate (unemployed/working population) would fall by the same amount as the working population. This drop in unemployment is often seen as proof that casinos have improved local employment. However, it should be recognized that the unemployment rate for unskilled workers and those originally employed by Casino Toto 사설토토사이트 is almost the same. It is these new entrants that have lowered the unemployment rate.
The main lesson about casinos and their impact on local unemployment are that they are declining. The amount of money to bet at American corporate casinos is not trivial. Over $370 billion was wagered in 2000 alone. That’s about $1,300 per American. Nearly 93% of annual wagers are returned to players in winnings, leaving the casino with $26 billion in adjusted annual revenue.
However, casino revenues vary greatly from state to state. Nevada is the largest market, with casinos generating about $9.5 billion in adjusted gross revenue annually. The Atlantic City casino generated more than $4 billion in annual adjusted gross revenue. In comparison, the Missouri and Illinois Riverboat casinos generated more than $1 billion and $1.8 billion in adjusted gross revenue in 2001.
The casino industry and local governments are using economic development to appeal to citizens about casino gambling. However, it still needs to be determined to what extent the introduction and expansion of commercial casinos in specific areas will promote economic development.
What are the benefits at issue?
Issue 1: Casino proponents often point to the drop in local unemployment rates after casinos are introduced as evidence that casinos improve local employment. Since the local unemployment rate dropped after the introduction of the casino, the casino helped bring down the local unemployment rate. We need to simultaneously compare changes in local unemployment rates with statewide changes. Suppose the changes are more or less the same. In that case, the increase in employment in casino areas results from natural business cycles (business fluctuations in other sectors) rather than the effects of casino introductions. Suppose that the decline in the unemployment rate after the introduction of casinos is locally greater than that of the state as a whole. In that case, the casino could have lowered the local unemployment rate.
The key here is to compare changes in regional unemployment rates with changes in statewide unemployment rates. Other factors, such as 5.