In Summary: In light of Ohio casinos opening, local economic leaders need to push efforts to diversify the local economy.
Four cities in Ohio will soon learn what Anderson knows: Casinos can provide a quick-fix job stimulus in a struggling economy.
But what they also must learn is that a casino is no guaranteed source of long-term jobs.
On Tuesday, 53 percent of Ohio voters approved a gambling referendum to open casinos in Cincinnati, Columbus, Cleveland and Toledo.
When they open, possibly by 2012, Hoosier Park in Anderson could lose fivepercent of its business from Ohio residents and perhaps 10 percent of its business from Hoosiers living along the state border.
The Toledo site has the most potential to hurt Hoosier Park, says a Legislative Services Agency study given Oct. 19 to an interim General Assembly Gaming Study Committee. That could reduce patrons by about 14 percent annually, leading to a $9.7 million reduction in wagering tax revenues. Those are the taxes that benefit Madison County, along with its cities and towns.
Overall, Indiana could lose $269 million in gaming revenue when the Buckeye casinos open. Indiana casinos account for about $800 million in revenue for the state and local entities.
Though casinos should still be able to operate in Indiana, there is no sugar-coating the perceived impact. Tax revenues will decrease. Tourist dollars could shift from Madison County. Jobs might be lost.
Hoosier Park owners assure us that the casino and horse track will survive.
Hoosier Park, indeed, is a very viable business for Madison County and for the customers that are typically drawn from a 50-mile radius. However, the casino’s parent company, Centaur LLC, has filed bankruptcy on two of its casinos in Pennsylvania.
All the signs might seem like they’re lining up for a perfect storm.
Hoosier Park, facing its toughest threat yet, will use the Ohio casinos to lobby the Indiana legislature to lower the casino’s taxing rate from 47 percent. The legislature must recognize the value of the gaming industry to Indiana during a tough economy.
However, Madison County’s economic development leaders must take these signs seriously and develop a comprehensive, cohesive, formidable plan for business and industry throughout Madison County. They must strengthen efforts to address the potential of lost jobs. Mostly, our leaders have to forge ahead and establish a viable plan for diversifying the Madison County economy. Plans need to be publicized so the public understands the difficulties and successes in attracting the next technology, the next destination attraction or the next retail megaplex to the county.
Ohio casinos will be a reality in about two years.
But the reality of their impact in Madison County is facing us now.
Opinion
Editorial: County must diversify before Ohio casinos
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