The economic impact of a casino monopoly: Evidence from Atlantic City

IF 3.5 2区 经济学 Q1 ECONOMICS Regional Science and Urban Economics Pub Date : 2023-10-10 DOI:10.1016/j.regsciurbeco.2023.103952
Adam Scavette
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Abstract

Place-based policies and investments are often targeted at areas in economic decline and sometimes take the form of a granted monopoly (e.g., state flagship universities, professional sports franchises, mega events). After New Jersey voters approved legalized gambling as an economic development strategy to revive the blighted seaside resort town, Atlantic City held a regional monopoly on casinos east of the Mississippi River from 1978 through 1992. Using synthetic difference-in-differences, I find that commercial casinos had an immediate impact on the Atlantic City Metropolitan Area (Atlantic County) in the first five years through an increase in employment (26 percent), wages (9 percent), personal income (5 percent), and house prices (19 percent). The casinos’ positive impact on the metropolitan labor market was persistent and increasing through the early 1990s, but I find evidence that the city’s 1992 monopoly expiration negatively impacted the growth of local wages and personal income through 2000.

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赌场垄断的经济影响:来自大西洋城的证据
基于地方的政策和投资往往针对经济衰退的地区,有时采取授予垄断的形式(例如,州立旗舰大学、职业体育特许经营权、大型赛事)。在新泽西州选民批准将赌博合法化作为振兴这个破败的海滨度假小镇的经济发展战略后,从1978年到1992年,大西洋城对密西西比河以东的赌场拥有地区垄断权。通过综合差异,我发现商业赌场在前五年通过就业(26%)、工资(9%)、个人收入(5%)和房价(19%)的增长对大西洋城大都会区(大西洋县)产生了直接影响。赌场对大都市劳动力市场的积极影响一直持续到20世纪90年代初,而且还在增加,但我发现有证据表明,该市1992年的垄断到期对当地工资和个人收入的增长产生了负面影响,直到2000年。
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来源期刊
CiteScore
5.30
自引率
9.70%
发文量
63
期刊介绍: Regional Science and Urban Economics facilitates and encourages high-quality scholarship on important issues in regional and urban economics. It publishes significant contributions that are theoretical or empirical, positive or normative. It solicits original papers with a spatial dimension that can be of interest to economists. Empirical papers studying causal mechanisms are expected to propose a convincing identification strategy.
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