Revenue from New Online Casinos Could Re-open the White House
In the midst of the latest government budget fallout, the White House has temporarily closed its famous free public tours. In an effort to save money, the President’s Capitol home is no longer available to be viewed by the public. Usually an inspiring part of the D.C tourists’ requisite agenda, the Yellow Room, Lincoln bedroom, and the rest of the White House tour will remain off limits. This cost cutting measure will save a measly $1 million dollars of tax-payer’s money.
There is a plan that can get her (the FLOTUS) back to the hostess duties and fill the halls of the White House with wide-eyed school children once again. The plan is simple, and Nevada is already reaping small rewards because of it; legalize online casinos in the US.
Tax revenue from online poker rooms and online casinos would be a huge beneficial side effect of legal online gambling in the US. The potential to help fiscally burdened states is undeniable. Already, there are some apparent positive happenings in states with this new legislation.
Some estimates put the increase in tax revenue in the hundreds of millions. “Analysts at Morgan Stanley estimate that more than 170 million people play simulated casino games on social networks;” Read more: Yahoo Finance
It is easy to see how that kind of tax windfall can be created when you look at the sheer numbers of people that might be interested in playing the games that they already love but for real money.
Additionally, the new online casino industry will provide one of the hottest commodities around and provide jobs. As new and familiar gaming companies alike enter the growing internet gambling arena, their need to equally expand their workforce will be a factor in rapid job creation. Most likely Las Vegas will be the main benefactor as they are poised to be the industry’s hub.
The usual suspects are all lined up from Bally’s Technologies and IGT to MGM Resorts International and Caesar’s Entertainment. Not to mention familiar companies like Zynga as well as the new upstarts and those that will relocate to be in the center of it all. The nearly ten thousand jobs that will potentially be created is a decent consequence of the budding industry as well.
Good news is exponentially appreciated in an area where the “foreclosure rate is still more than the double the U.S. average”, according to a Bloomberg News article. Although, job growth is still on the horizon it seems inevitable. Companies like Zynga are still rebounding from the last round of restrictions. Despite the fact that the company’s stock has been on the rise since Nevada’s legislation passed, they still plan to do more streamlining to the tune of another 1% of their workforce.
The streamlining and economy imposed minimalism won’t last long for these large companies who have the ability to have their games up and running for real money at the drop of a senate floor gavel. It is predicted by some gaming officials that the online poker industry will only help popularize Nevada as a top market for poker, “rather than cannibalize physical poker rooms, in part because in the online sector players can play in multiple games at the same time — something not possible in physical casinos.” Read More: VegasInc.com News
Look to Las Vegas and the state of Nevada to create the models for regulating this industry in the U.S. As more regulations come into action and the waters tested, more states will likely pass their own legislation. Maybe even Washington D.C. Then the field trips may resume at the White House and some resemblance of normalcy may reign over the land once again.