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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.

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