Casino information: links for further reading (new links)
Video of the July 30 Special Work Session on the Victory Crossing casino and entertainment district proposal.
Portsmouth City Council Agenda for the meeting on July 23 includes this item:
19-276 Adoption of a resolution endorsing the Resolution of the Economic Development Authority authorizing and directing staff to market the former Victory Village site for development of an entertainment district to include casino gaming. (Electronic Roll Call)
Letter to Joint Legislative Audit and Review Commission (JLARC) by the chair of the committee to study impact of a casino on Olde Towe Historic District.
This is a report Senator Lucas requested back in 2013. There are a number of points (not least that a primary source of information was a casino management company), this is particularly relevant:
“The second method attempts to quantify gaming revenues per casino trip. While the Virginia gamer currently averages 2.7 trips per year, in regions where casinos are located, the number of trips increases to between 6.2 and 6.7 trips per year. Spectrum Gaming Group estimated that in 2010, the average gamer lost $150 per casino visit. Using this method gives a range of between $461M and $601M in gross gaming receipts for the region.”
Since the gamer is losing to the house, this represents $150 per gamer per visit which isn’t going into the (rest of the) local economy to generate jobs and taxes.
Here is a chapter from ODU’s 2014 State of the Region, “The economics of casino gambling in Hampton Roads”. The conclusion:
“If a riverboat casino were to open, say, on the Elizabeth River in the middle of Hampton Roads, it would have only a small economic impact on our region. This is because casino expenditures usually reduce other expenditures. Only if the casino attracted gamblers from outside Hampton Roads, or if it acted as a magnet so that our residents stopped spending money outside our region, would there be any economic impact of note.”
This is a 2011 paper “The effect of legalized gambling on state government revenue” (a lot of the academic literature is five or more years old), concluding:
“We use data on gambling volume and state government revenues net of federal government transfers for all 50 states from 1985 to 2000. We ﬁnd that lotteries and horse racing tend to increase state revenues, while casinos and greyhound racing tend to decrease state revenues.”
It also concludes that the effect tails off after a couple of years.
Here is a list of casinos in America by city.
The materials posted here were presented by representatives of Wawa Inc. to the Olde Towne Civic League (OTCL) on January 24. Members of the OTCL voted to endorse the construction of the convenience store at London and Effingham. There are still outstanding questions regarding security, lighting, aesthetics. The design team that has been working with Wawa Inc. have asked for more representative drawings and greater attention to details that will ensure the store's exterior is consistent with the neighboring architecture. Concerns about the sales of single-sale alcohol are subject to ABC regulation, and Wawa has been in touch with the management of the child care center on the east side of Green Street.
Read the OTCL letter to Council here.
The Effingham Street site, before and after development.
To read the (lengthy) traffic impact analysis, click here.
The earlier information package is shown below.
Wawa proposes to replace the Exxon filling station at the north-eastern corner of Effingham and London with a filling station and a convenience store to the east of it on London Street. For a report on the meetings to date, click here.