Wednesday, September 17, 2014

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Report Urges Caution in Projecting Casino Money

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Albany/HV: Report Urges Caution in Projecting Casino Money
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NEW YORK STATE -- A new report from the state's top money man shows mixed messages when it comes to casino gaming.

Comptroller Tom Dinapoli says with casino expansion underway, more casinos will mean more gaming revenue for the state, and new jobs. But Dinapoli's office says since casino revenues have been lower than expected in other states, New York should be cautious in projecting how much of an economic boost the new casinos will bring to an area.

"The expectations that these casinos will solve the challenge of the economy in upstate New York can be overstated. The job gains will be small in the overall scheme of things. But we clearly need much broader solutions," said Deputy Comptroller Robert Ward.

The comptroller's office says New York collects more in gambling revenues than any other state in the nation raking in more than $36 billion annually.

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