New Study: Oaklawn, Southland Venues Worth $895 Million To Economy
by May 30, 2014 2:18 pm 928 views
According to a study released Friday (May 30) by the Arkansas State Chamber of Commerce and the Associated Industries of Arkansas, the economic impact of the racing and gaming programs at Oaklawn Racing and Gaming and Southland Park Gaming and Racing is $895.5 million annually.
The report, prepared by BaxStarr Consulting Group, said the two gambling venues were responsible for 2,868 jobs, paying $74.3 million in wages annually in Arkansas.
BaxStarr completed the 18-month study in March of 2014. The study outlines gross economic impacts generated by racing and gaming, as well as their overall impact on Arkansas’s economy, employment, tourism, and the horse and greyhound racing and breeding industries.
Additional economic impacts were realized in the area of residential relocation in both the Hot Springs and West Memphis areas, according to the study.
Other key findings include:
- $43 million in tax revenue generated;
- $620.6 million racing and gaming related total impact;
- More than 2.5 million additional racing and gaming visits, with a tourism impact of $120 million;
- 347 temporary construction jobs, with a payroll of $12 million, adding $200 million in new investments in Arkansas that includes current expansions by Oaklawn and Southland of approximately $20 million and $38 million, respectively.
“Oaklawn’s and Southland’s continued growth in racing and gaming generates substantial investment and job growth in Arkansas,” said Randy Zook, president and CEO of the Arkansas State Chamber/AIA. “This study shows we have an opportunity to not only stimulate job growth, but to draw economic activity from other states and increase collected taxes both directly and indirectly from the racing and gaming industry.”