Casino Gaming in Massachusetts:

Casino Gaming in Massachusetts: Casino Gaming in Massachusetts: - Start

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Casino Gaming in Massachusetts: - Description

An Economic, Fiscal and. Social Analysis. Carl Jenkins, CPA/ABV. Managing Director, CBIZ Tofias. Background . Commissioned by the Greater Boston Chamber of Commerce and completed in 2008. Examined critical issues including:. ID: 449268 Download Presentation

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Casino Gaming in Massachusetts:




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Presentations text content in Casino Gaming in Massachusetts:

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Casino Gaming in Massachusetts:

An Economic, Fiscal and

Social Analysis

Carl Jenkins, CPA/ABV

Managing Director, CBIZ Tofias

Slide2

Background

Commissioned by the Greater Boston Chamber of Commerce and completed in 2008

Examined critical issues including:

Demand for casino gaming

Potential gaming revenue

Socioeconomic effects

Analysis and report are based upon:

Public data

Casino patronage and expenditure patterns in other states

Documented models and methodology

Interviews with policymakers and stakeholders

Forecasts and projections

Slide3

Economic Impact

Revenue will be

dependent

on the specific circumstances of the particular region and type of development.

Origins of Revenue

Destination Effect:

Drawing visitors from outside the host region. Spending by casino patrons from outside the region increases the aggregate amount of economic activity within the region.

Recapture Effect:

Residents of the host region will be less likely to engage in gaming activities outside of the region. These individuals will patronize casino gaming within the host region.

Substitution Effect:

Casino gaming cause a reallocation of expenditures by individuals within the region. The increased expenditures for casino gaming will cause a decrease in expenditures on other forms of consumption or in net savings.

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Economic Impact

Destination Resort Casinos:

Establishments that offer amenities and entertainment options that extend beyond gaming

Including luxury hotel, high-end retail shopping and dining, golf courses, sports arenas and convention facilities

Analysis assumes the development of three destination casinos in different regions of Massachusetts and does not include the possibility of tribal casinos.

Current plans for development now include:

Three destination casinos (Category 1)

One slot parlor (Category 2)

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Fiscal Impact

Basis for Revenue ProjectionsProjected RevenueMarket Size: $2.15 billion in gross gaming revenues (GGR)

Assumptions of 2008 Report

Current Expenditures and Requirements

Estimated dollars spent

by Massachusetts residents on casino gaming in CT, ME, RI

$800 million

$909 million

Initial license fee for Massachusetts

$200 million

$85 million

for Category 1

$25 million for Category 2

Massachusetts

g

aming tax on GGR

27%

25% for Category

1

40% for Category 2

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Socioeconomic Impact

Employment OpportunitiesSocial impacts are difficult to quantify as studies are contradictoryPotential Social Benefits: increased employment, higher average incomeSocial Costs: infrastructure, added fiscal pressure on surrounding area, housing, schoolsDisputed Effects: crime, bankruptcy, problem gamingOther

Employment

Report Projections

for 3 Casinos

Current Projections for 3 Casinos

Estimates for Revere Casino (1 casino)

Casino

17,000 – 20,000

12,000 – 15,000

4,000

Construction

10,000

– 11,500

7,500 – 9,000

2,500

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Contact Information

Carl F. Jenkins, CPA/ABV, CFE, MST Managing Director, CBIZ TofiasForensic, Litigation and Valuation Services Group  Direct: (617) 761-0549 Email: CJenkins@cbiztofias.com

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