The push to expand gambling in Texas via casinos was made explicit on Tuesday.
One of the more laughable suggestions following the casino interests rollout for a strict oligopoly in Texas is that adding a few casinos will diversify revenue and “guard against the volatility of the oil and gas industry.”
Are you done laughing yet? Let’s look at 2019 taxes remitted for the O&G industry in Texas and Casinos in Nevada.
The O&G industry paid $16.3 Billion in taxes and state royalties in 2019, the most in Texas history according to TXOGA.
According to a 2019 report from the Nevada Gaming Control Board, 290 casinos reported total revenues of $24.5 billion, paying $892.3 million in gambling taxes and fees or 10.2% of its gambling revenue.
$16.3 billion vs. $892 million, completely goofy comparison before getting to the negative impact gambling has on local economies compared to the economic force multiplier that is the O&G industry.