Pennsylvania: on the road to rivaling Vegas?
Pennsylvania is poised to become one of the US’s biggest gambling states but it will have a long ways to go to rival Las Vegas or even Atlantic City, say industry experts.
A move to issue gaming licenses also cleared the way for more intensive tourism development in the state.
About $4 billion is expected to be invested in the first phase of the state’s new legalized gambling effort.
“This level of capital investment…would suggest that these are going to become significant gaming properties,” Joe Weinert, vice president of Spectrum Gaming Group, a consulting company, told the AP.
He added, however, that Pennsylvania would not immediately rival either Las Vegas or Atlantic City.
However, there is expected to be a spurt in the growth of restaurants, entertainment and shopping throughout the state to further lure gamblers.
Most of the state’s new slot parlors are along its borders, which will bring in a lot of drive-in tourist traffic.
Five groups this week won slots licenses from statewide gambling regulators.
Their action cleared the way for Philadelphia to become the nation’s largest city with a casino. A bid to bring slot machines to historic Gettysburg, however, was rejected.
The Pennsylvania Gaming Control Board awarded licenses after choosing from more than a dozen competing groups of casino giants.
The state within three years could be taking in $3 billion a year in gambling revenues.
Most of the revenue is designed to go towards reducing property taxes.
If Las Vegas is any indication of what will happen to Pennsylvania, the travel and tourism industry will quickly accelerate. Vegas’s population of 8,422 people in 1940 grew to almost 600,000 last year, with city generating over $5.2 billion in economic impact from its convention business.
In Atlantic City, the first casino opened its doors in 1978. Visitors went from 700,000 to more than 33 million two years ago.
Industry experts say a variety of attractions that are expected to develop in Pennsylvania should quickly spur its tourism and convention business.
Report by David Wilkening
David
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