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Analysts Question Economic Boon from Racinos

28 February 2003

LAS VEGAS –As reported by the Thoroughbred Times: "With racetrack slots a pressing issue in at least eight states, some financial analysts are warning that the facilities may not be a magic solution to budget woes.

"While expanded gaming at racetracks in Delaware, Iowa, Louisiana, Minnesota, New Mexico, and West Virginia have boosted purses as well state coffers, many of the dollars gambled, analysts say, is just money that could have been spent elsewhere in the economy.

"…[William Thompson, a public administration professor at the University of Las Vegas in Nevada, says], "You get the dollars [that] are already in the economy. It's a prisoner's dilemma. Both sides would be better if neither [was involved, but] when one jumps on, the other jumps in and everybody's worse off.'…"

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