New Hampshire Senator Lou D’Allesandro is very
excited about the prospect of bringing slot machines to the state. Just
last week the Senate Budget Committee approved a plan to operate slot
machines in dog and horse racing venues as well as build two new slot
parlors. The plan is awaiting the final approval of the full Senate.
The slot machines will be tax 49 percent by
the state government. Tax revenues are expected to generate $185
million for the state. D’Allesandro has called the slot machine
proposal an “economic recovery job creation package.”
The opposition is skeptical of how helpful
slot machines will actually be to the New Hampshire economy. The
predicted $185 million is not being disputed, opponents find the goal
reasonable and there is little doubt money will be spent at the slot
machines by tourists and locals alike. The concern is whether money
will be spent anywhere else.
D’Allesandro has boasted that not only will
slot machines generate revenues to help the state meet its budget
responsibilities but that new jobs will also be created. That remains
to be seen if the plan is approved. There is reason to doubt, gambling
revenues are down in and around New Hampshire because disposable income
is shrinking. Foxwoods Casino in Connecticut laid off as many as 700
people last fall.
Some times casinos and slot machines can have
the affect of a money vampire. While people are sure to spend money at
the slots parlors and the racetracks, the machines are likely to be
stealing business away from shops and restaurants in the area. The end
result may be empty storefronts on Main Street New Hampshire.