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Casino Gambling and Economic Development Author: Michael Wenz Dissertation School: University of Illinois at Chicago Pages: 107 Publication Date: January 2006 Availability: Access Number: 10815 Abstract: This dissertation examines the economic impact of casino gambling. The dissertation proceeds in three main parts. First, the impact of casinos on housing prices is estimated using data from the 2000 U.S. Census of Population and Housing. Second, the casino location decision is formally modeled. Finally, a matching estimator is constructed to generate a randomized experiment for assessing the impact of casinos on key economic variables. Casinos are associated with approximately 2 percent higher house prices in regions where they are located when controlling for other observable characteristics. It is important to note that this is due in part to the non-random nature of the decision on where to locate casinos. In particular, they tend to locate in areas with low income, low house prices, and low population density. The increase in housing prices depends inversely on population density, with the positive relationship disappearing as density increases. Casino locations are determined by a variety of economic factors and voter characteristics, and the determinants are different for Native American and non-Native American casinos. Native American casinos are likely to open in areas with high levels of underutilized resources and in areas where the local voters are not highly resistant to gambling. Non-Native American casinos are likely to open near water and when neighboring counties have casinos. The model for site selection is used to develop a propensity score that is used for matching casino counties with non-casino counties. Native American casino counties show generally an increase in economic activity of 3-4 percent in population, employment, and housing units, while no significant impact is found for non-Native American casinos. Neither type of casino has any significant impact on quality of life in either direction. |
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