Why are all the casinos in the United States closing?
The closing of casinos in many states could result in the loss of thousands of jobs, according to a new report from the Economic Policy Institute.
The report, which analyzed state-by-state casino closings from 2012 to 2018, found that nearly half of the nation’s casinos were closing in the next two years, and the loss could lead to a $1 trillion impact.
“In the next year or two, the number of casino-related jobs will likely be a significant portion of the state’s economic and social losses,” the report states.
The report also found that the average amount of money lost from casino closures over the next 10 years would be $1,000.
While there have been some efforts to reinstate casinos, the report found that it will take a concerted effort from the states and local governments to ensure that the losses are passed on to the taxpayer.
In many states, casino owners are being forced to shut down, according the report, citing the inability to secure financing for a variety of projects.
In Florida, the state has a bill in place to ensure casino owners do not receive more than $100,000 in casino revenues, the Economic Review reported.
A bill is in place in Ohio to ensure casinos do not get more than 50 percent of their revenue from the state, while Nevada’s legislation is more restrictive, the publication noted.
States are also grappling with the loss to the state from a rise in opioid addiction, the study said.
This trend will not be stopped, the EPI report found.
The number of people in treatment will continue to rise, and as a result, the cost of care will increase, according a statement from the study.