See below for the new JLARC (Joint Legislative Audit and Review Commission) study of “Gaming in the Commonwealth.” The top-line findings include:
- “Casinos authorized in SB 1126 are projected to generate about $260 million annually in state gaming taxes and have a positive, but modest economic impact on local economies”
- “Authorizing a casino in the Northern Virginia market is projected to increase state revenue and economic benefits”
- “Five casinos authorized by SB1126 would be viable under a nationwide median tax rate of 27 percent”
- “Sports wagering and online gaming are projected to have smaller fiscal and economic impacts”
- “Beneficiaries of existing gaming would see proceeds decline, especially historical horse racing”
- “Expanding gaming in Virginia will increase the number of people at risk of harm from problem gambling”
- “Expanded gaming would be a major new undertaking, even if oversight and administration were assigned to the Virginia Lottery”
- “Expanded gaming would generate positive net revenues for the state,but magnitude depends primarily on the gaming revenue tax rate”
- “This JLARC report offers projections and considerations to be used when deciding whether to authorize and how to implement casino gaming or other additional forms of gaming. The report does not attempt to recommend whether Virginia should pursue additional forms of gaming, or what types of gaming should be pursued.However, the report does include several recommendations should the General Assembly choose to expand gaming in the Commonwealth”
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