Hudson Valley is an area famous for its scenic beauty and involved communities. Lately, the area has also started to be recognized for other elements such as the gambling industry.
With more and more casino establishments opening in the country, the debate about the potential benefits and drawbacks has become quite real recently. For this reason, the article below will provide a complete analysis of the casino’s effects on local communities.
Casinos in Hudson Valley: The Economic Benefits
Many consider casinos as boosters for economic growth, and the ones in Hudson Valley are no different. The economic impact is significant as the main benefit of casinos is creating jobs.
When a new establishment opens, it also brings a lot of employment opportunities for residents. Most jobs include entry-level positions, but there are managerial roles, too, which reduces unemployment rates in the region.
Moreover, the revenue that comes from casinos through taxes and licensing fees is also a significant benefit. All the money goes to the local government, which they can later use for public services like education, healthcare, or infrastructure development to benefit the entire community.
Casinos also have a great impact on the local economy by attracting more tourists and helping nearby businesses. This means that all hotels, restaurants, and local shops should expect more customers.
To highlight the benefits, a recent study by UMass Amherst researchers found that having a casino in Plainville, Massachusetts, didn’t cause more crime, gambling problems, or lower property values. Instead, they discovered that the casinos helped the nearby towns.
According to Rachel Volberg, an associate professor at UMass Amherst and the study’s main author, there has been a significant increase in the money given to towns and cities with no restrictions. The state reports that Plainridge Park alone has provided nearly $200 million to all cities and towns in Massachusetts over the last three fiscal years.
Economic Drawbacks
Although gambling has been promoted as an efficient booster for the local economy and drive for tourism in the Hudson Valley area, the results have been otherwise.
The once-thriving luxury resorts of the Borscht Belt in Sullivan County, which attracted large summer crowds during the area’s peak in the mid-20th century, are now mostly falling apart. For some time, locals have envisioned a Vegas-style casino as a way to bring back some of the area’s former glory.
Another story revolves around the Resorts World Catskills. Back in February 2018, Empire Resorts launched Resorts World Catskills, a $1.2 billion casino and resort in Monticello. Local officials were excited about it.
State Senator John Bonacic, who was heading the Senate Committee on Racing, Wagering, and Gaming at the time and had been a big supporter of the resort, said it would bring many opportunities to the area.
However, since it opened, Resorts World has had a hard time living up to what its developers promised. In the first five months, the resort lost $58 million.
Social Benefits
Although casinos had some challenges in this area, in places where all went well, the communities had some social benefits. For example, all the revenue from gambling was used to fund social programs and community initiatives that cared for people in need.
Moreover, casinos give residents and visitors as well as a chance to delight themselves with entertainment and recreational opportunities. Casinos are the perfect setting to meet like-minded people, discuss no deposit bonus opportunities, and other exciting topics.
Conclusion
To resume, in Hudson Valley, casinos had a minimal impact on the local community. However, a great casino establishment in other areas brings several economic and social benefits.
While offering opportunities for economic growth, job creation, and community development, there can also be risks, such as failed businesses.
However, the future can still look great as Empire Resorts has high hopes for sports betting. Maybe the $34 million deal with UK-based gambling company bet365 will give them the recognition they deserve.
