In the domestic casino industry, Texas is the golden goose. For operators yearning to develop gaming properties in the Lone Star State, problematic is the state’s sturdy fiscal position.
Like so many states, Texas is facing some budgetary issues stemming from the coronavirus pandemic. However, that situation isn’t nearly as severe as it is in other states. And a newly issued rosy economic forecast could remove the impetus for lawmakers to rush into gaming and cannabis legislation in 2021, according to Texas Tribune Executive Editor Ross Ramsey.
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“Some of the folks promoting casinos and marijuana sales in Texas were hoping the recession triggered by the pandemic would open legislative minds to the possibility of new ways to raise money without angering taxpayers,” writes Ramsey.
In most cases, politicians love to get their hands on new revenue sources. But there’s a credible question as to whether Texas even needs the cash that would be provided by casinos and marijuana. Last week, Comptroller Glenn Hegar released the Biennial Revenue Estimate (BRE), which shows the state will have $112.5 billion for general purpose spending for the 2022-23 biennium.