It’s time to roll the dice in Texas. Casinos across the nation bring in billions of dollars in revenue annually by bringing in tourists and gamblers from all over the world. Gambling is a thriving business in several states. Texas, however, is not one of them.
States like Texas are getting the short end of the stick when it comes to gambling and casino revenues. Texas continues to see its residents travel outside the state in order to visit gaming destinations. What this means is that an increasing number of people who are earning money is Texas are spending it in other states. These states reap in the benefits while Texas bleeds money.
There are close to 20 states in the US who do not permit gambling or casinos, and Texas is on the list. Those who support gambling in Texas point to the lost revenues from gamblers who go to different states to visit casinos, instead of spending their money here in Texas. Supporters hope that gambling in Texas can become a stable source of income for local governments and municipalities.
Thanks to recent legislation proposed by Rep. Joe Deshotel, Texas may soon start looking a little more like Las Vegas.
Insurance companies currently phase massive deficits upwards of $100 million in the aftermath of disasters like Hurricane Ike and Katrina. Deshotel’s proposal states that earnings that result from casino activity in Texas should go towards funding the deficits faced by these insurance companies so that they are equipped to handle any crises.
This unprecedented move by Deshotel is not designed to make casinos a cash-cow for the state of Texas. Rather, Deshotel points to the massive financial difficulties being faced by insurance companies, such as the Texas Windstorm Insurance Association (TWIA), and he is looking for ways to close their deficits to that they can operate effectively.
Under Deshotel’s proposed bill, the casinos would be placed in coastal regions of Texas, where residents are most affected by the damage caused by hurricanes and tropical storms.
“The plan is fairly simple. Full Las Vegas-style casinos will be permitted within a first-tier coastal county,” said Deshotel.
By bringing a source of revenue to coastal Texas communities, while also helping narrow the deficits faced by essential insurance companies, Deshotel hopes that his bill will introduce casinos to Texas in a manner that is mutually beneficial the community and all parties involved.
