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As America Expands Casino Gambling Profits Drop

The August 13, 2023, By CasinosTopNews

Like the sirens in Greek Mythology, the revenue from gambling casinos is enticing, easy money. The potential for profits is as alluring as designer perfume or a good home cooked meal. In fact, although many lawmakers are trying, it is an allure that simply will not go away.

Although the bill to allow slot machines in racetracks and at a limited number of other locations was defeated in the House, it can be surmised that there will be a host of new casino bill awaiting lawmakers when they return to Concorde in January.

Before lawmakers get down to the business and take up those measures, they will have to think long and hard about the possible ramifications of passing such bills. Expanded gambling ia a gravy train many states in the area are scrambling to catch, but the question is, is there enough gravy for everyone?

At one time, Atlantic City was the only place in the United States other than Nevada where gambling was legal. However, this is no longer true. Today, those who want to gamble can go to Indian Casinos run by Indian Tribes in Connecticut and New York, or play the slots in Maine, Rhode Island and Pennsylvania. In fact, Pennsylvania has now added table games to its slot casinos, with five more casinos planned.

However, with the expansion of gambling opportunities and venues, the individual states will see nowhere near the revenue New Jersey saw when it legalized gambling in the 1970s. And even with its established name as a gambling Mecca, Atlantic City is losing money and customers. In 2006, New Jersey's 11 casinos forked over more than a half-billion dollars in state taxes. Last year, that dropped to $312 million and the state expects a further drop this year to about $275 million.

Whatever expectations supporters of expanded gambling in New Hampshire have had, those forecasts must be revised downward — way downward.

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