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Casino Gaming in Massachusetts: An Economic, Fiscal and Social Analysis Carl Jenkins, CPA/ABV Managing Director, CBIZ T

Casino Gaming in Massachusetts: 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: Demand for casino gaming

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Casino Gaming in Massachusetts: An Economic, Fiscal and Social Analysis Carl Jenkins, CPA/ABV Managing Director, CBIZ T

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  1. Casino Gaming in Massachusetts:An Economic, Fiscal and Social AnalysisCarl Jenkins, CPA/ABVManaging Director, CBIZ Tofias

  2. 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

  3. 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.

  4. 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)

  5. Fiscal Impact • Basis for Revenue Projections • Projected Revenue • Market Size: $2.15 billion in gross gaming revenues (GGR)

  6. Socioeconomic Impact • Employment Opportunities • Social impacts are difficult to quantify as studies are contradictory • Potential Social Benefits: increased employment, higher average income • Social Costs: infrastructure, added fiscal pressure on surrounding area, housing, schools • Disputed Effects: crime, bankruptcy, problem gaming • Other

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

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