A casino here would truly begin to revitalize the Upstate New York Catskills’ economy.
New York, NY (PRWEB) June 17, 2014
As New York State prepares to launch more casinos within its borders, a new study released in May of 2014 has determined Sullivan County is the optimal location for the gaming sites. The study – carried out by Capacity Business Consulting – concludes that an awarded casino bid in Sullivan County would have a greater impact on its residents and economy than in any other proposed casino location.
The objective, independent survey combed through quantitative data like unemployment rates, per capita income, education level and traffic density to compare Sullivan, Orange, Tioga, Ulster, Albany and Rensselaer Counties. Guiding the study are the proposed legislative objectives: promoting job growth, increasing school aid and permitting local governments to lower property taxes, among other criteria. Capacity Business Consulting is a Newburgh, NY-based firm that specializes in strategy and management consulting for small- and medium-sized companies.
The study is based on crucial metrics like Marginal Propensity to Consume (MPC), which focuses on the impact of expected job creation and the expected average salaries casino wage earners will make in areas vying for casino projects in the Hudson Valley. The research notes that Sullivan-based employees earning the average county wage who take a job at the average casino wage would greatly boost the local economy. For example, a Sullivan County resident who takes a casino position and receives a raise in yearly income from $31,483 to $36,327 will inject approximately $903 back into the county’s economy. Conversely, an Orange County resident who takes a casino position and receives a raise in yearly income from $35,649 to $36,327 will only inject $112 back into the local economy.
“The greater the stimulus in relation to personal income, the more the person will contribute back to the local economy,” said Eric Egeland, President of Capacity Business Consulting. “Additionally, with a heightened propensity to consume and swifter velocity of money exchange, the greater and more positive the economic impact will be.”
“This study underscores what we all have known intuitively,” said Marc Baez, President and CEO of the Partnership for Economic Development in Sullivan County. “The average wages that resort destination casinos will pay in Sullivan County will have a much higher long-term positive impact than in any other county being considered. A casino here would truly begin to revitalize the Upstate New York Catskills’ economy.”
About the Sullivan County Partnership for Economic Development
The Partnership – now celebrating its 20th year – is funded primarily by private business with matched funding from the Sullivan County Legislature and the Sullivan County Industrial Development Agency. The Partnership, by design, takes the position of its members when assisting those prospects looking to invest or expand in Sullivan County. Private investors make up nearly 100% of the governing body of the organization and work through a board of directors, executive committee and a dedicated professional staff. For more information about the Sullivan County Partnership, please visit their website at http://www.scpartnership.com, their Facebook page at https://www.facebook.com/scpartnership, or call (845) 794-1110.