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Las Vegas casino operators look to Massachusetts expansion
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LAS VEGAS REVIEW-JOURNAL
A long-awaited legislative deal that could lead to full-scale casino gaming in Massachusetts has Wall Street buzzing over a potential growth market that has been on the horizon for several years.
Media outlets reported Wednesday that Gov. Deval Patrick and leaders of the state's House and Senate reached a tentative agreement to expand gaming in the state.
Under the deal, Massachusetts would have three stand-alone Las Vegas-style casinos and a fourth slot-machine-only casino with as many as 1,250 games.
Analysts said the news would be a boost for Nevada's slot machine makers while the Las Vegas-style casinos would draw interest from Las Vegas Sands Corp. and Caesars Entertainment Corp. The companies' leaders, Sands Chairman Sheldon Adelson and Caesars Chairman Gary Loveman, have long-standing ties to Massachusetts.
Roth Capital Partners gaming analyst Todd Eilers said Massachusetts could house more than 10,000 slot machines, if all four casinos are built. Table game suppliers, such as Shuffle Master Gaming, also could benefit from the market.
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@ ihatelasvegas,,,, I agree Nevada casino’s pay a low tax rate but I wouldn’t be so quick to congratulate these other states, some states tax gaming at 70% counting fees etc. These same states give huge tax abatements to many other industries, many of these industries pay very low wages. The result is the same corporate CEO’s rake it in and workers get shut out. Plus these workers have low purchasing power and pay zero or little in state or federal taxes. At least some of the gaming jobs produce a decent wage depending on the area. States feel they can squeeze every penny out of gaming to fuel their social programs to compensate for allowing the huge outsourcing of decent jobs that provided a good tax base.
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@ihatelasvegas;
sounds like you want to "re-distribute the wealth"
we will never be able to TAX our way out of our current demise..only a balanced approach of spending cuts and tax increases will work.....cut cut cut..... if you don't got it you don't spend it...pretty easy for the avg Joe to get and Wash to ignore..
When you read articles like this, it should make everyone realize that Nevada casinos pay the lowest gaming taxes in the world. By far. The tax rate is 6.75% and the casino industry resents every cent of that small amount. If the casino industry paid anywhere near their fair share, the state wouldn't have anywhere near the budget problems that it does now.
That tax rate is not all that bad considering the alternatives (NY, PA, IL etc). My only concern about expanded gambling, is what are the politicians going to do when the music stops? You can only stretch this industry so much. Regardless, gaming is the greatest way to impose a tax without actually calling it one! That's how most states are looking at gaming expansion these days.
Gary Lovechecks cant finish a 500 milion tower in LV or his new ferry wheel, He has paid off the Gov. and friends, to get this big deal, Money talks, Hope the measure does not pass , Buck up more money Gary. Just like Ohio. Hey gov. Devil ,Gary will pay as much as 50% , free money,take as much as you want now,
Since the current regulations in Massachusetts completely outlaw casinos, then this would be an easing or removal of regulation. As for taxes those ones in the story cannot exist now since the business is currently outlawed. SO "Hater" where is the argument now? Seems to me MA is actually removing regulation and finding a way to prevent raising current taxes, by allowing a new taxable industry to open. Pretty good for a state known as Taxachusetts. But don't be so sure about them getting these casinos, public sentiment in the state is not all that great.
So much for those "Job Killing" taxes and regulations Faux News always talks about.
This is ridiculous.....what needs to happen is to start pumping some of the funds into our economy and maybe all the teachers and police being let go could keep their jobs.
Looks like Harry Reid has been lobbying for jobs in "MASSACHUSETTS" --- Thanks Harry !!!