WSJ READS RESEARCH EDGE

We at Research Edge make an effort to be a step ahead of consensus. Front page headlines from today’s Wall Street Journal highlighted the projected $40 billion budget deficit facing state economies in FY 2009. A slumping housing market and escalating gasoline prices were cited as the primary factors for the upcoming state budget crisis.

Since June 19th we’ve highlighted the historic relationship between state budget deficits and the gaming industry at length. In “Budget Deficits = Craps for Casinos” (posted 6/29) we discussed the state budget crises of 2002-2003 and the resulting state levied tax hikes on the gaming industry to cure over $80 billion dollars in shortages.

Now with deficits reaching nearly $40 billion watch out for legislators once again dipping their hands into gaming’s cookie jar to feed their economic sweet tooth. History has a way of repeating itself. We hope this time it’s more gaming and not more taxes.

Alec Richards
Intern – Research Edge LLC

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