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Do Casinos Export Bankruptcy?

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Author Info

  • Thomas A. Garrett

    ()
    (Research Division, Federal Reserve Bank of St. Louis)

  • Mark W. Nichols

    ()
    (Department of Economics, University of Nevada, Reno)

Abstract

This paper measures the extent to which destination resort casinos export bankruptcy back to visitors’ home states. Previous literature has alluded to this possibility, but to date studies have only examined the influence of local casinos on local bankruptcy. Using various survey data, we calculate the number of visits from each state to casino resort destinations in Nevada, New Jersey, and Mississippi. We find strong evidence that states having more residents who visit out-of-state casino resorts have higher bankruptcy filings. This effect is dominant in the south, suggesting that casinos located in wealthier regions are less likely to export bankruptcy.

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File URL: http://www.business.unr.edu/econ/wp/papers/UNRECONWP06003.pdf
File Function: First version, 2006
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Bibliographic Info

Paper provided by University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics in its series Working Papers with number 06-003.

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Length: 26 pages
Date of creation: Nov 2006
Date of revision:
Handle: RePEc:unr:wpaper:06-003

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Keywords: Casino gambling; bankruptcy; export;

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References

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  1. Boyes, William J & Faith, Roger L, 1986. "Some Effects of the Bankruptcy Reform Act of 1978," Journal of Law and Economics, University of Chicago Press, vol. 29(1), pages 139-49, April.
  2. Nichols, Mark W. & Grant Stitt, B. & Giacopassi, David, 2000. "Casino gambling and bankruptcy in new United States casino jurisdictions," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 29(3), pages 247-261, May.
  3. Melissa S. Kearney, 2005. "The Economic Winners and Losers of Legalized Gambling," NBER Working Papers 11234, National Bureau of Economic Research, Inc.
  4. William N. Evans & Julie H. Topoleski, 2002. "The Social and Economic Impact of Native American Casinos," NBER Working Papers 9198, National Bureau of Economic Research, Inc.
  5. John M. Barron & Michael E. Staten & Stephanie M. Wilshusen, 2002. "The Impact Of Casino Gambling On Personal Bankruptcy Filing Rates," Contemporary Economic Policy, Western Economic Association International, vol. 20(4), pages 440-455, October.
  6. Ian Domowitz & Robert L. Sartain, 1999. "Determinants of the Consumer Bankruptcy Decision," Journal of Finance, American Finance Association, vol. 54(1), pages 403-420, 02.
  7. Domowitz, Ian & Eovaldi, Thomas L, 1993. "The Impact of the Bankruptcy Reform Act of 1978 on Consumer Bankruptcy," Journal of Law and Economics, University of Chicago Press, vol. 36(2), pages 803-35, October.
  8. Kearney, Melissa Schettini, 2005. "The Economic Winners and Losers of Legalized Gambling," National Tax Journal, National Tax Association, vol. 58(2), pages 281-302, June.
  9. de la Vina, Lynda & Bernstein, David, 2002. "The impact of gambling on personal bankruptcy rates," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(5), pages 503-509.
  10. Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March.
  11. Richard Thalheimer & Mukhtar M. Ali, 2004. "The Relationship of Pari-mutuel Wagering and Casino Gaming to Personal Bankruptcy," Contemporary Economic Policy, Western Economic Association International, vol. 22(3), pages 420-432, 07.
  12. Shepard, Lawrence, 1984. "Personal Failures and the Bankruptcy Reform Act of 1978," Journal of Law and Economics, University of Chicago Press, vol. 27(2), pages 419-37, October.
  13. William R. Eadington, 1999. "The Economics of Casino Gambling," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 173-192, Summer.
  14. Otto Eckstein & Allen Sinai, 1986. "The Mechanisms of the Business Cycle in the Postwar Era," NBER Chapters, in: The American Business Cycle: Continuity and Change, pages 39-122 National Bureau of Economic Research, Inc.
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Cited by:
  1. Adkisson, Richard V. & Saucedo, Eduardo, 2012. "Emulation and state-by-state variations in bankruptcy rates," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(4), pages 400-407.
  2. Mark W. Nichols & Mehmet Serkan Tosun, 2007. "The Income Elasticity of Casino Revenues: Short-Run and Long-Run Estimates," Working Papers 07-015, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics.
  3. Garrett, Thomas A. & Wall, Howard J., 2010. "Personal-bankruptcy cycles," MPRA Paper 30759, University Library of Munich, Germany.
  4. Cotti, Chad D. & Walker, Douglas M., 2010. "The impact of casinos on fatal alcohol-related traffic accidents in the United States," Journal of Health Economics, Elsevier, vol. 29(6), pages 788-796, December.

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