Fed Study Examines Casino Gambling, Impact on Economy
A new study on the economic impact of casino gambling provides an overview of the industry and takes a look at its effect on local economies. The author concludes that, although the industry will probably experience continued growth, its impact on communities varies and cannot be generalized.
Written by Thomas A. Garrett, a senior economist at the Federal Reserve Bank of St. Louis, the report discusses the impact of casino gambling on local employment, tax revenue and retail sales. The author also suggests ways to evaluate the success or failure of casinos with regard to the local economy. Casino gambling in the Fed's Eighth District, which is based in St. Louis, is given special attention. The study includes the size, location, employment, tax rates and revenue of each casino in the District, which covers all of Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee.