Local lawmakers expected the two gambling houses to generate tens of millions of dollars in revenue for the local safe, securing a huge cash injection into the local economy. At yesterday's hearing, Springfield policymakers considered a number of suggestions on how to budget wisely while investing in regional development. 온라인카지노사이트
The state economic development joint committee held a hearing at Springfield technical community college in Springfield, with state Senators Eric Lesser, longmeadow and state representatives Joseph Wagner presiding over the panel. The main purpose of the meeting was to discuss how money generated from gambling activities should be distributed.
Investment proposal summary
Of all the proposals, Richard K. Sullivan Jr., head of the Western Massachusetts Economic Development Council, suggested that a certain amount of money should be invested in further development of the local Pioneer Valley, as it is a popular tourist destination throughout the year and it can revitalize the local tourism sector. This will also contribute to the economic growth of the city, and it will also revive small and medium-sized businesses.
The panel also noted the social and economic challenges facing Massachusetts gateway cities (11 cities in the state's urban area) over the years. It suggested that some of the profits generated by gambling activities in the city could be invested in local economic development and business regulation. Another prospect was that lawmakers could also invest in labor force education and training. State legislatures face the challenging task of deciding how to use casino funds when drawing up state budgets .
Both casino operators are required to pay a 25% tax on annual sales under an agreement with the state. State lawmakers have already decided to use 9.5 percent of this amount to finance various programs to support regional economic development. Mr Sullivan predicted tens of millions of dollars to go into the economic development fund.
State Representative Bud L. Williams also recommended the creation of the Western Massachusetts Balanced Sustainable Development Committee. The main purpose of the proposed committee is to bring together representatives from all areas where lawmakers consider financial support with casino funds.
