Atlantic City, NJ may be in the headlines for their troubled casinos, however gaming is under pressure nationwide. Increased competition is driving overall sales, however these gains come primarily at the expense of existing casinos. This is particularly pronounced in the Northeast. Sales remain depressed in mature markets, even those with little new competition, like Las Vegas. The outlook is far from robust due to slow economic growth and demographics. State and local governments rely, at least in part, on tax revenues from gaming. To the extent growth is slow to nonexistent, public sector budgets will continue to be under pressure as well.
Presentation given by ATTOM Data Solutions (formerly RealtyTrac) SVP Daren Blomquist at Flip & Fund Summit 2016 in Dallas, Texas on housing trends and opportunities for investors.
The beer industry is transforming before our eyes. Start-ups are booming and driving growth, particularly here in Oregon. However, craft beer overall is slowing and macros are declining outright. What does the outlook hold for Oregon breweries and what growth opportunities remain? At the Oregon Brewers Guild conference today I will be on a panel that looks at some of these issues and trends. I clearly don't have all the answers but will cover one good opportunity that is largely untapped to date: international exports.
Presentation to the Oregon Legislature on the latest economic and revenue outlook for the State of Oregon. Overview of the U.S. and international economic landscape in addition to what is happening in Oregon. Tax revenue tracking and outlook for personal income taxes, corporate income taxes and Lottery sales.
Presentation to the Oregon Legislature on the latest economic and revenue outlook for the State of Oregon. Overview of the U.S. and international economic landscape in addition to what is happening in Oregon. Tax revenue tracking and outlook for personal income taxes, corporate income taxes and Lottery sales.
Presentation given by ATTOM Data Solutions (formerly RealtyTrac) SVP Daren Blomquist at Flip & Fund Summit 2016 in Dallas, Texas on housing trends and opportunities for investors.
The beer industry is transforming before our eyes. Start-ups are booming and driving growth, particularly here in Oregon. However, craft beer overall is slowing and macros are declining outright. What does the outlook hold for Oregon breweries and what growth opportunities remain? At the Oregon Brewers Guild conference today I will be on a panel that looks at some of these issues and trends. I clearly don't have all the answers but will cover one good opportunity that is largely untapped to date: international exports.
Presentation to the Oregon Legislature on the latest economic and revenue outlook for the State of Oregon. Overview of the U.S. and international economic landscape in addition to what is happening in Oregon. Tax revenue tracking and outlook for personal income taxes, corporate income taxes and Lottery sales.
Presentation to the Oregon Legislature on the latest economic and revenue outlook for the State of Oregon. Overview of the U.S. and international economic landscape in addition to what is happening in Oregon. Tax revenue tracking and outlook for personal income taxes, corporate income taxes and Lottery sales.
Play Now, Pay Later: Legalized Internet Gambling in British Columbiabss3
Presentation on the rise of internet gambling. Please note, changes in gambling policy may have taken place since the time of this presentation (April, 2010).
Oregon State Economist's presentation to the Oregon Liquor Control Commission on demand for alcohol, employment in the broader industry and Washington's experience post-privatization. Examining trends by age, income, occupation, and city size.
Q2 2015 insights on consumer credit trends and the current state of the real ...Experian
View the Q2 2015 recap of the Experian-Oliver Wyman Market Intelligence Report, including the latest consumer credit trends and a key focus on the current U.S. real estate market.
Presentation by Aaron Nelson to the Leadership Chapel Hill-Carrboro Class of 2019 on Economic Development and the Environment. This was Leadership Session 6 of 10 and took place in Hillsborough, NC at the Orange County Public Library.
As a growing number of businesses and consumers across the U.S. are learning and adjusting to new EMV credit cards, many still question the impact EMV will have on protecting consumers and businesses from increasingly savvy and sophisticated criminal fraud rings. Join Experian and our panel of experts as we look at how businesses are faring one month into the EMV liability shift.
Presentation to the Oregon Legislature on the latest economic and revenue outlook for the State of Oregon. Overview of the U.S. and international economic landscape in addition to what is happening in Oregon. Tax revenue tracking and outlook for personal income taxes, corporate income taxes and Lottery sales.
State Tax Systems overview for Oregon and Washington. Income taxes compared to sales taxes. The Border Tax Effect on Washington and consumer behavior. State revenue estimates. Risk vs return nature of income taxes. Changing tax structure results in equity concerns and tax incidence. Presented at the Pacific Northwest Regional Economic Conference in May, 2014 in Portland, Oregon.
A study commissioned by Danville Regional Foundation in Danville, VA to review the potential impacts of a proposed casino entertainment complex by Fourth Economy Consulting.
Play Now, Pay Later: Legalized Internet Gambling in British Columbiabss3
Presentation on the rise of internet gambling. Please note, changes in gambling policy may have taken place since the time of this presentation (April, 2010).
Oregon State Economist's presentation to the Oregon Liquor Control Commission on demand for alcohol, employment in the broader industry and Washington's experience post-privatization. Examining trends by age, income, occupation, and city size.
Q2 2015 insights on consumer credit trends and the current state of the real ...Experian
View the Q2 2015 recap of the Experian-Oliver Wyman Market Intelligence Report, including the latest consumer credit trends and a key focus on the current U.S. real estate market.
Presentation by Aaron Nelson to the Leadership Chapel Hill-Carrboro Class of 2019 on Economic Development and the Environment. This was Leadership Session 6 of 10 and took place in Hillsborough, NC at the Orange County Public Library.
As a growing number of businesses and consumers across the U.S. are learning and adjusting to new EMV credit cards, many still question the impact EMV will have on protecting consumers and businesses from increasingly savvy and sophisticated criminal fraud rings. Join Experian and our panel of experts as we look at how businesses are faring one month into the EMV liability shift.
Presentation to the Oregon Legislature on the latest economic and revenue outlook for the State of Oregon. Overview of the U.S. and international economic landscape in addition to what is happening in Oregon. Tax revenue tracking and outlook for personal income taxes, corporate income taxes and Lottery sales.
State Tax Systems overview for Oregon and Washington. Income taxes compared to sales taxes. The Border Tax Effect on Washington and consumer behavior. State revenue estimates. Risk vs return nature of income taxes. Changing tax structure results in equity concerns and tax incidence. Presented at the Pacific Northwest Regional Economic Conference in May, 2014 in Portland, Oregon.
A study commissioned by Danville Regional Foundation in Danville, VA to review the potential impacts of a proposed casino entertainment complex by Fourth Economy Consulting.
California foreclosure expert Steve Dexter previews his April 5th 2008 seminar on foreclosures. To register for the seminar please visit www.womensinvestclub.com. Learn more about Steve Dexter at www.california-foreclosure-expert.com
State of Oregon's quarterly economic and revenue forecast release. Still no personal income tax kicker in the baseline, however the threshold is razor thin with one income tax filing season to go. There is a corporate kicker in the forecast, which will be dedicated to education next biennium. This forecast also forms the base of the Governor's Recommended Budget for the 2015-17 biennium.
Overview of income trends in the state of Oregon. Comparing total personal income, wages, transfer payments over time and across regions within Oregon. Assessing the Great Recession's impact on median family incomes in the Portland and Salem regions. Also showing how to apply Census and BEA income data to similar topics and pair with other data sources, like housing costs, household debt, and job polarization.
Presentation to the Oregon Legislature on the latest economic and revenue outlook for the State of Oregon. Overview of the U.S. and international economic landscape in addition to what is happening in Oregon. Tax revenue tracking and outlook for personal income taxes, corporate income taxes and Lottery sales.
The Oregon Office of Economic Analysis forecasts the state economy and General Fund and Lottery Fund revenues. This slide presentation is a part of the June 2018 forecast (released May 23rd).
Analyzing demographic and economic trends across rural Oregon and rural America at large. Topics include educational attainment, employment, industrial structure, labor force participation, migration, population and the quality of jobs.
High-technology is a pillar of Oregon's economy. This research details the industry's growth and contribution in terms of jobs, wages, GDP, and exports.
The Oregon Office of Economic Analysis released their latest forecast on February 9th, 2022. This includes outlooks for employment, income, and state tax revenues.
Consumer spending is strong, COVID is keeping some workers home sick, and factories and warehouses are operating at or near capacity. These factors result in struggling supply chains, bare shelves and rising prices. Firms are indicating that these issues are likely to persist well into next year. From an economic growth perspective what matters isn't just when things normalize, but when do things stop getting worse. It is possible that we are currently at or near peak supply chain problems, but still quarters away from any return to normal.
The Oregon Office of Economic Analysis forecasts the state's economy, General Fund, and Lottery Fund revenues. This slide presentation is part of the September 2021 forecast, released August 25th.
The Oregon Office of Economic Analysis forecasts the state's economy, General Fund, and Lottery Fund revenues. This slide presentation is part of the May 2021 forecast, released May 19th.
The Oregon Office of Economic Analysis forecasts the state's economy, General Fund, and Lottery Fund revenues. This slide presentation is part of the March 2021 forecast, released February 24th.
The Oregon Office of Economic Analysis forecasts the state The economy and General Fund and Lottery Fund revenues. This slide presentation is part of the December 2020 forecast, released November 18th.
The Oregon Office of Economic Analysis forecasts the state The economy and General Fund and Lottery Fund revenues. This slide presentation is part of the September 2020 forecast, released September 23rd.
Mid-year housing forecast presented to the Home Builders Association of Metropolitan Portland that includes recent industry trends, the impact of COVID-19, and both structural and cyclical forces impacting the industry.
Working from home is a long-run growth opportunity. Many such workers bring their jobs with them or start their own business in part because it is harder to find a similar job locally. One key need is good, reliable broadband. Overall Oregon does better than much of the country in terms of working from home and broadband access, however gaps exist. Furthermore there are a lot of inequities regarding access to technology. Broadband is important for social, economic, and educational needs.
The Oregon Office of Economic Analysis forecasts the state The economy and General Fund and Lottery Fund revenues. This slide presentation is part of the June 2020 forecast, released May 20th.
Summarizing the channels of impact from COVID-19 on Oregon's economy and revenues. This includes 3 timely measures of economic activity our office is tracking. A full update to the economic and revenue forecast will be released May 20th. This will allow time to analyze new data and gather input from our advisory groups in the weeks ahead.
The Oregon Office of Economic Analysis forecasts the state economy and General Fund and Lottery Fund revenues. This slide presentation is part of the March 2020 forecast, released February 12th.
The Oregon Office of Economic Analysis forecasts the state economy and General Fund and Lottery Fund revenues. This slide presentation is part of the December 2019 forecast, released November 20th.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Betting the Minimum. Gaming in the U.S. and State Revenues
1. Oregon Office of Economic Analysis
1
Betting the Minimum
Gaming in the U.S. and State
Revenues
2. Oregon Office of Economic Analysis
2
Overview
• Consumer Spending Reset
– Entertainment dollar stabilized, gaming too
• Regional and State Differences
– Increased competition driving growth
– Underlying demand for gaming lower
• Public Revenues
• Outlook
3. Oregon Office of Economic Analysis
3
Methodological Notes
• Publicly available data
– Thus incomplete coverage within states and
across states
• See Excel file for documentation
• Focus primarily on slots
• Focus on net revenues, or casino win
– Gross sales minus prizes, effectively
• Focus on revenues as share of local personal
income
– Misses wealth impact
4. 6%
5%
4%
Entertainment as Share of Income
Consumer Expenditure Survey, BLS
Oregon Office of Economic Analysis
4
Entertainment Dollar Stable, But Down
3%
Middle 20%
Overall
1985 1995 2005 2015
0%
-4%
-8%
-12%
-16%
-20%
Entertainment Expenditures 2008-2013
Bottom
20%
2nd
Quintile
Middle
20%
4th
Quintile
Top
20%
5. 1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
U.S. Gambling Expenditures as Share of Disposable
Personal Income
BEA, Tables 2.1, 2.4.5U
Pari-Mutuels
Lotteries
Oregon Office of Economic Analysis
5
U.S. Gaming Stabilizing as Well
• Resetting of
gaming
expenditures post
recession
• Stabilized since
mid-2010
• Different patterns
across games
and across
country
0.0%
Casinos
1960 1970 1980 1990 2000 2010
6. 0.9%
0.8%
0.7%
0.6%
0.5%
0.4%
0.3%
0.2%
0.1%
Lotteries as Share of Disposable Income
Oregon Office of Economic Analysis
6
Spending Primarily at Casinos
Lotteries Flat
Peaked as share of income in mid-
1990s. Traditional lottery sales
generally flat.
Casinos Keep Some Gains
0.9%
0.8%
0.7%
0.6%
0.5%
0.4%
0.3%
0.2%
0.1%
Casinos as Share of Disposable Income
Exceptional growth ‘90s thru housing
bubble. Keeping 40% of housing
bubble gains even after recession.
0.0%
1960 1970 1980 1990 2000 2010
0.0%
1960 1970 1980 1990 2000 2010
7. Southwest
Oregon Office of Economic Analysis
7
U.S. Gaming Data
Northeast
Midwest
+ Ohio, Michigan
Gulf
Data Available
8. Source: Las Vegas Convention and Visitors Authority
45,000,000
40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
Las Vegas Visitor Statistics
1990 1995 2000 2005 2010 2015
Visitors, lhs Hotel Occupancy Rate, rhs
Oregon Office of Economic Analysis
8
Vegas, Baby.
92%
90%
88%
86%
84%
82%
80%
78%
76%
74%
Leisure and Hospitality Taxable Sales
$10.0
$9.5
$9.0
$8.5
$8.0
$7.5
$7.0
Clark County, NV, Inflation-adjusted 2013$
FY2005 FY2007 FY2009 FY2011 FY2013
Billions
• Visitors are back… … and spending money…
9. 0%
-5%
-10%
-15%
-20%
-25%
Vegas, Maybe?
Nevada Slots and the Great Recession
Oregon Office of Economic Analysis
9
-30%
Slot Machine Win, 4 Qtr Average
Las Vegas Strip
Downtown Vegas
Other NV
Reno
2007 2009 2011 2013 2015
…on everything except gaming
10. $10
$9
$8
$7
$6
$5
Oregon Office of Economic Analysis
10
Northeast
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
New Casinos Cannibalize Existing
Northeast Slot Revenue by State
Rhode Island
Maryland
Pennsylvania
New York
New Jersey
Connecticut
Delaware
2000 2002 2004 2006 2008 2010 2012 2014
0.36%
0.33%
0.30%
0.27%
0.24%
0.21%
0.18%
$4
2000 2002 2004 2006 2008 2010 2012 2014
Billions
Northeast Slot Revenue
Sum of CT, DE, MD, MA, NH, NJ, NY, PA, RI, VT
Slot Revenue
Share of Personal Income
11. $4.0
$3.5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
Oregon Office of Economic Analysis
11
Where Do Mature Markets Land?
$0.0
2000 2004 2008 2012
Billions
Mature Gaming Destinations Suffer
Slot Machine Win
New Jersey
Connecticut
State Peak
Year
Peak Slot
Revenues
(Net)
2014
Slots
%
CT 2007 $1.722 b $1.096 b -36%
DE 2006 $0.652b $0.354 b -46%
NJ 2006 $3.804 b $1.921 b -50%
12. $2.5
$2.0
$1.5
$1.0
$0.5
Oregon Office of Economic Analysis
12
Even Pennsylvania Slowing
0.5%
0.4%
0.3%
0.2%
0.1%
0.0%
$0.0
-6.3% past
2 years
FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
Billions
Pennsylvania Gross Terminal Revenue
Initial 7 Casinos Newer Casinos (5 total) Share of Income, rhs
13. Oregon Office of Economic Analysis
13
And Here Comes Massachusetts
• MA accounts for ~12%
of regional personal
income & population
• 3 casinos on the way
• How much will the
market grow
compared with
cannibalization?
– Rhode Island Study
• MA casinos lower FY17
revenues by 30-42%
http://massgaming.com/about/expanded-gaming-act/
14. 0.7%
0.6%
0.5%
0.4%
0.3%
0.2%
0.1%
Midwest Slot Revenues
Revenue as Share of Personal Income
Illinois, Indiana, Iowa, Missouri, Wisconsin
Oregon Office of Economic Analysis
14
Midwest
• Most of region avoided
big recessionary
losses, but sales as
share of income
continue to fall
• Illinois the exception
with large declines
• Indiana and Missouri
seeing large declines in
2013 and 2014 (Ohio
impact?)
0.0%
2000 2002 2004 2006 2008 2010 2012 2014
15. 0.45%
0.40%
0.35%
0.30%
0.25%
0.20%
0.15%
0.10%
0.05%
Ohio and Michigan Casinos
Share of Personal Income
Oregon Office of Economic Analysis
15
Buckeyes Rising, Wolverines Slowing
• Detroit’s commercial
casinos were doing
relatively well
– Windsor helping
• Ohio voters
approved casinos in
2009, opened in
2012
– Likely to grow further
0.00%
2000 2002 2004 2006 2008 2010 2012 2014
16. Oregon Office of Economic Analysis
16
West Virginia Squeezed
Country Roads Don’t Take You Home
West Virginia Casino
Atlantic City
New Casinos & Racinos
17. West Virginia Feeling the Impact
$1,400
$1,300
$1,200
$1,100
$1,000
$900
Oregon Office of Economic Analysis
17
$800
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Millions
West Virginia Video Lottery (Gross Sales)
-18% from
peak
Now -23%
Neighboring Casinos Opened: PA MD OH
18. 5%
4%
3%
2%
Gulf Coast Revenues
Share of Personal Income
Mississippi
Louisiana
(Riverboats, Casino, Racinos)
Oregon Office of Economic Analysis
18
Gulf Coast
• Louisiana sales
eroding as share of
sales
• Mississippi seeing
larger declines
• Florida racinos in
1%
2007 added some
regional competition 0%
2000 2002 2004 2006 2008 2010 2012 2014
19. 1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
Southwest Revenues
Share of Personal Income
Colorado
Oregon Office of Economic Analysis
19
Southwest
• Colorado’s mining
town casino’s seeing
slow erosion
• Arizona’s boom and
bust not limited to
housing
• New Mexico
performing relatively
New Mexico
Arizona
0.0% well…
2000 2002 2004 2006 2008 2010 2012 2014
20. $200
$150
$100
$50
New Mexico Tribal Casino Net Win
Millions of Inflation-adjusted 2013$, 4 Qtr MA
Navajo Nation
Mescalero Apache &
Pueblo of Pojoaque
11 Tribal Compacts in Place in 2003
Jicarilla Apache, Ohkay Owingeh, Pueblos of
Acoma, Isleta, Laguna, Sandia, San Felipe,
Santa Ana, Santa Clara, Taos, Tesque
Oregon Office of Economic Analysis
20
…But Even New Mexico is Flat
• For mature
market, New
Mexico is a
success
• Casino win is
effectively flat for
7 years
• Growth driven
by new casinos
– Take market share $0
2003 2005 2007 2009 2011 2013
21. $18
$17
$16
$15
$14
$13
$12
$11
$10
$9
Oregon Office of Economic Analysis
21
Oregon Is No Exception
$8
Jan-01 Jan-05 Jan-09 Jan-13
Millions
Oregon Video Lottery Sales
Weekly Net Sales, 52 Week Moving Average
Line Games
Introduced
Great Recession
+ Smoking Ban
0.8%
0.7%
0.6%
0.5%
0.4%
0.3%
0.2%
Oregon Video Lottery
Share of Personal Income, 4 Qtr Avg
2000 2005 2010 2015
22. 1.4%
1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
Sales as Share of Personal Income
Montana
Video Gambling Machines
Oregon Office of Economic Analysis
22
Northern Plains
• Even states that
have
outperformed
economically see
losses and/or
slower growth
• Montana has
regained about
half of losses
• South Dakota at
or near all-time
high, but flat past
7 years
0.0%
South Dakota
Slot Revenues
2000 2002 2004 2006 2008 2010 2012 2014
23. $9
$8
$7
$6
$5
$4
$3
$2
$1
Oregon Office of Economic Analysis
23
Public Revenues
$0
1950 1960 1970 1980 1990 2000 2010
Billions
States' Reliance on Gaming
Tax Collections, 2013$, 1951-2013, U.S. Census
Pari-Mutuels
Amusements
2.0%
1.5%
1.0%
0.5%
0.0%
States' Reliance on Gaming
Share of All States Total Tax Collections, U.S. Census
Pari-Mutuels
Amusements
1950 1960 1970 1980 1990 2000 2010
24. $10
$9
$8
$7
$6
$5
$4
$3
$2
$1
Commercial Casino Tax Revenues
Millions of inflation adjusted dollars, $2012
American Gaming Association: State of the States
Existing States in 1999
CO, IA, IL, IN, LA, MI, MO, MS, NJ, NV, SD
Oregon Office of Economic Analysis
24
Commercial Casino Taxes
$0
New States
DE, FL, KS, ME,
MD, NM, NY, OH,
OK, PA, RI, WV
1999 2002 2005 2008 2011
25. 1 – 1.9%
Oregon Office of Economic Analysis
25
Gambling Revenue as Share of
State’s Own-Source Revenue, FY09
> 5%
3.5 – 4.9%
2 – 3.4%
< 1%
Source: Rockefeller Institute
26. Inflation-adjusted 2013$, Census, Federal Reserve
$150,000
$130,000
$110,000
$90,000
$70,000
Median Family Struggling
Income
Net Worth
Oregon Office of Economic Analysis
2.5%
2.0%
1.5%
1.0%
0.5%
26
Outlook, General
• Stagnant incomes
• Consumer preferences
– Gaming vs other entertainment
– Table vs Slot
23.0
22.5
22.0
21.5
21.0
Demographic Impact on Gaming Intensity
Barnes et al (2011) and U.S. Census Bureau
Average Lottery Gaming
Days per Year
Lottery Gaming
Population Growth
• Slow gaming pop growth
• Intensity to fall with aging pop
• More of an upper bound due to
possible generational trends
$50,000
1985 1995 2005 2015
0.0%
20.5
1970 1980 1990 2000 2010 2020 2030 2040
27. Oregon Office of Economic Analysis
27
Outlook, Scenarios
• Scenario 1: Optimistic
• Stronger economy results in more broad-based gains.
Consumers are confident, increase discretionary
spending. Return to previous growth path.
• Scenario 2: Some Improvements
• As consumer budgets repaired, increase spending on
entertainment and gaming. Growth rates pick up,
however remain below gains in income.
• Scenario 3: Slow Growth
• No acceleration in gaming growth rates. Increase more
in-line with the adult population than macroeconomic
variables like jobs or income.
28. Oregon Office of Economic Analysis
28
Outlook, Oregon
• No real increase in establishments or video lottery
terminals since 2008
• Video lottery sales as share of income back to pre-line
game period
• Previous forecasts more in-line with Scenario 2.
Some growth rate improvement, but still below
income gains
• Possible forecast change to Scenario 3. Tie sales
outlook to growth in adult population and/or recent
years’ sales.
29. Oregon Office of Economic Analysis
29
Summary
• Increased competition drives sales higher
– Final shakeout in market share unknown
• Masks underlying industry trends
• Key factors
– Stagnant incomes
– Consumer preferences
– Demographics
• Tax revenue outlook follows sales
30. Oregon Office of Economic Analysis
30
Contact Information
www.OregonEconomicAnalysis.com
@OR_EconAnalysis
Josh Lehner, Economist
joshua.lehner@oregon.gov
(503) 378 - 4052