Falling Casino Revenue Hits State Budget

The economic downturn is hurting one of the state's largest industries...gaming. MPB's Stephen Koranda reports on how that's trickling down to the state's economy.

Falling gaming revenues have resulted in around 3-thousand jobs losses in the gaming industry. This touches many other businesses, says Representative Bobby Moak of Bogue Chitto, chair of the House Gaming Committee.

“It’s about the guy who delivers ice, who sells shrimp, who sells fresh produce,” says Moak. “It affects all levels of jobs throughout the state.”

The loss of jobs may leave many employees looking for state aid, says Pass Christian representative Diane Peranich.

“These people have opportunities for retirement, and they also have insurance. So when you lose your job at a casino, where does that put your family,” says Peranich. “There’s a ripple effect across the economy. Not just the local the local money, but it impacts other areas of the state budget.”

To try and spur development, Representative Moak would like to see tax credits offered for gaming development, similar to credits offered to attract other types of businesses to Mississppi.

“We now have, in my opinion, projects that are stalled or stopped,” says Moak, “because this legislation has not been passed in prior years.”

Moak says the loss of gaming revenue has cost Mississippi around 70 million dollars in tax revenue in the first half of the fiscal year.