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Do Casinos Cause Economic Growth?
Douglas M. Walker and John D. Jackson
The American Journal of Economics and Sociology
Vol. 66, No. 3, Perspectives on Gambling: Lotteries, Wagers, and Casinos (Jul., 2007), pp. 593-608
Published by: American Journal of Economics and Sociology, Inc.
Stable URL: http://www.jstor.org/stable/27739653
Page Count: 16
You can always find the topics here!Topics: Casinos, Gambling, Economic growth models, Economic growth, Long run economic growth, Casino economy, Empirical evidence, Revenue, Economic development, Industrial growth
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Casino gambling is a popular form of entertainment and is purported to have positive effects on host economies. The industry surely affects local labor markets and tax revenues. However, there has been little evidence on the effects of casino gambling on state economic growth. This paper examines that relationship using Granger-causality analysis modified for use with panel data. Our results indicate that there is no Granger-causal relationship between real casino revenues and real per capita income at the state level. The results are based on annual data from 1991 to 2005. These findings contradict an earlier study that found that casino revenues Granger-cause economic growth, using quarterly data from 1991 to 1996. Possible explanations for the differences in short- and long-run effects are discussed.
The American Journal of Economics and Sociology © 2007 American Journal of Economics and Sociology, Inc.