New Study: Texans Spend $2.96 Billion Annually at Neighboring Gaming Facilities
Texans Responsible for 38.6% of Total Gaming Revenue in Oklahoma, Louisiana and New Mexico
AUSTIN, Texas, April 2, 2013 /PRNewswire-USNewswire/ -- The following was released today by Let Texans Decide:
A new study released by a leading Texas-based economic group, TXP, shows neighboring states are taking Texas to the cleaners through legalized gaming. Texans are responsible for $2.96 billion in annual gaming revenue in those three states – up $590 million since a 2009 study -- and in both Oklahoma and Louisiana represent more than forty percent of their customers.
"Texans are gambling in large numbers in neighboring states, and especially at casinos and tracks close to the Texas border," said TXP President Jon Hockenyos. "We compiled facility-specific data when available from neighboring states, along with surveying thousands of license plates, to arrive at our central conclusion: Texas gaming dollars are a lucrative prize for neighboring states."
TXP determined that while Louisiana, Oklahoma and New Mexico represent three percent of national personal income in 2011, they were collectively home to 11.7 percent of national gaming expenditures. When money spent by Texans on food, lodging and other amenities is added to money expended on gaming, Texans spend $4.37 billion each year on gaming trips to Oklahoma, Louisiana and New Mexico.
Gaming facilities closest to the Texas border received an abundance of Texas visitors, as evidenced by this chart.
"Texas is hemorrhaging money and our horse industry is under assault while tracks in other states with expanded gaming offer more lucrative purses," said John T. Montford, chairman of Let Texans Decide. "We offer a simple proposition: let Texans decide if they want to keep their dollars in Texas to the benefit of our state."
Bi-partisan legislation has been proposed in both the Texas House and Senate that would let Texans vote on expanded gaming and puts our horse industry on a level playing field.
SJR 64 by Senator John Carona would expand gaming at existing dog and horse tracks, and allow for the creation of a limited number of destination, resort casinos.
SJR 36, authored by Senator Juan "Chuy" Hinojosa, would allow dog and horse tracks to add slot machines.
HJR 121 by Representative Richard Raymond, also would allows slots at existing tracks.
For more on the TXP study, including an executive summary, please visit www.lettexansdecide.com
SOURCE Let Texans Decide