Casino Expansion In The Northeast This Year Is Likely To Pressure State Gaming Tax Revenues, Says New Report - S&P Global Ratings’ Credit Research

Casino Expansion In The Northeast This Year Is Likely To Pressure State Gaming Tax Revenues, Says New Report

Casino Expansion In The Northeast This Year Is Likely To Pressure State Gaming Tax Revenues, Says New Report - S&P Global Ratings’ Credit Research
Casino Expansion In The Northeast This Year Is Likely To Pressure State Gaming Tax Revenues, Says New Report
Published Jan 24, 2018
3 pages (1169 words) — Published Jan 24, 2018
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Abstract:

NEW YORK (S&P Global Ratings) Jan. 24, 2018--S&P Global Ratings anticipates that New England and the Mid-Atlantic states will likely experience negative revenue variances from casino gaming taxes in 2018 due to increasing market cannibalization. New casinos anticipated to begin operations this year include two in New Jersey, one each in New York and Massachusetts, and an expanded gaming facility in Rhode Island. In a report released today titled, "Significant Northeast Casino Expansion In 2018 Is Likely To Pressure State Gaming Tax Revenues," S&P Global Ratings said that revenue projections at the time casino licenses were approved relied on new facilities recapturing in-state consumers lost to out-of-state competitors. "As these projections become older and gaming expands, the likelihood of states

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) Jan. 24, 2018--S&P Global Ratings anticipates that New England and the Mid-Atlantic states will likely experience negative revenue variances from casino gaming taxes in 2018 due to increasing market cannibalization. New casinos anticipated to begin operations this year include two in New Jersey, one each in New York and Massachusetts, and an expanded gaming facility in Rhode Island. In a report released today titled, "Significant Northeast Casino Expansion In 2018 Is Likely To Pressure State Gaming Tax Revenues," S&P Global Ratings said that revenue projections at the time casino licenses were approved relied on new facilities recapturing in-state consumers lost to out-of-state competitors. "As these projections become older and gaming expands, the likelihood of states missing revenue estimates for gaming taxes intensifies," said S&P Global Ratings credit analyst Timothy Little. The opening of new gaming facilities this year is further pressured by significant...

  
Report Type:

News

Sector
Global Issuers, Public Finance, Structured Finance
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Casino Expansion In The Northeast This Year Is Likely To Pressure State Gaming Tax Revenues, Says New Report" Jan 24, 2018. Alacra Store. Sep 19, 2019. <http://www.alacrastore.com/s-and-p-credit-research/Casino-Expansion-In-The-Northeast-This-Year-Is-Likely-To-Pressure-State-Gaming-Tax-Revenues-Says-New-Report-1984910>
  
APA:
S&P Global Ratings’ Credit Research. (). Casino Expansion In The Northeast This Year Is Likely To Pressure State Gaming Tax Revenues, Says New Report Jan 24, 2018. New York, NY: Alacra Store. Retrieved Sep 19, 2019 from <http://www.alacrastore.com/s-and-p-credit-research/Casino-Expansion-In-The-Northeast-This-Year-Is-Likely-To-Pressure-State-Gaming-Tax-Revenues-Says-New-Report-1984910>
  
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