The recapture of the estimated $700 million dollars that goes out of state with people gambling plus an additional $200 million more that Massachusetts residents are projected to lose with convenience gambling is not what the state gains in revenues. The state realizes the NET gambling revenues after expenses, then taxes that amount at anywhere from 15-27% for a NET profit of less than $100 million. $80 million is estimated to be lost from the lottery that will have to be "held harmless". A new regulatory commission will cost tens of millions of dollars. What will be left for our region?This is the clearest, most concise argument for why the State of Massachusetts isn't "losing" anything to Connecticut, without even factoring the money our local businesses would lose to casinos, or the social, environmental and governmental costs (to schools, transportation infrastructure, etc.) incurred because of casinos. Placing casinos in Massachusetts will be a loser for the state; the only one who wins in the end is the house.
Monday, November 23, 2009
What we "lose" to Connecticut
Kathleen Conley Norbut, head of United to Stop Slots in Massachusetts, wrote the following as part of an open letter.