"New York City will probably soon see three new casinos, whose owners could rake in profits because of a recent surge in gambling in the United States that has some campaigners worried. The New York gaming facility location board this week approved three proposed casinos in the US's largest city two in Queens and one in the Bronx after determining the businesses would create new jobs and generate billions in tax revenue, according to the group's report."
"They say it's going to generate all this money, but it's not generating that money, said Jonathan Krutz, a Boise State University emeritus professor of marketing who has done extensive research on casinos. Krutz added: It's just moving it around in the economy. Particularly in a larger population area, it's not tending to draw people from outside to gamble, but it's just taking money from its own citizens."
"In the third quarter this year, the US gaming industry generated almost $19bn in gross gaming revenue, a 7% increase from the same period a year earlier, which marked 19 consecutive quarters of year-over-year growth, the American Gaming Industry reported. Since that court decision, there has also been a 23% increase in internet searches for gambling addiction help, according to Jama Internal Medicine journal study."
Three proposed casinos in New York City received approval from the state's gaming facility location board: two in Queens and one in the Bronx. The board concluded the projects would create jobs and generate billions in tax revenue, and the state gaming commission is likely to follow the recommendations. Critics and researchers argue urban casinos mainly shift local spending, do not attract significant outside revenue, and can increase gambling addiction while failing to deliver many high-paying jobs. Since the 2018 Supreme Court decision allowing sports betting expansion, industry revenue has grown and searches for addiction help have increased significantly.
Read at www.theguardian.com
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