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Report: Casino revenue up as economy strengthens

By WTOP Staff

STEPHEN SINGER
AP Business Writer

HARTFORD, Conn. (AP) — Revenue at U.S. casinos jumped more than 6 percent in 2012, the first significant increase in three years as economic growth picked up speed and more casinos opened in several markets.

But revenue generated by Indian casinos rose less than 2 percent the same year, Casino City’s North American Gaming Almanac found. Growth is limited due to regulations restricting tribal casino expansion beyond reservations and differences between tribes over how best to expand, said Vin Narayanan, editor in-chief of Casino City.

“There’s a giant political question about that,” he said.

Total gambling revenue in 2012 was $94.47 billion, with the largest share, $40.38 billion, from casinos and card rooms. Tribal casinos generated $28.14 billion followed by lotteries ($23.41 billion) and racing and sports gambling ($2.55 billion) in 2012.

Casino revenue grew by a fraction of 1 percent in 2011 and 2010 and fell nearly 6 percent in 2009 as the steepest economic downturn since the Depression took hold.

Year-to-year revenue changes are vastly different from one state to another. In Ohio, for example, total gambling revenue jumped by one-third from 2011 to 2012 as casino gambling ramped up.

But in New Jersey, seventh largest among the states in overall gambling revenue in 2012, casino revenue fell from $3.69 billion in 2009 to $2.71 billion in 2012 as three Atlantic City casinos shut. Nevada, California and New York are the top three states in casino revenue.

Narayanan said saturation is the culprit for the decline of Atlantic City’s casinos, but it’s not an issue elsewhere.

“Are there too many casinos in the market? As far as Atlantic City is concerned, there are too many casinos on the market,” he said.

But casinos opening in Ohio are satisfying “pent-up demand,” he said.

Similarly, the legalization of casino gambling in Maryland in 2008 and the opening of the state’s first casino in 2010 generated tremendous revenue. Casino and card room revenue increased from $27.6 million in 2010 to $377.8 million in 2012. Total gambling revenue jumped to $1.15 billion in 2012 from $760.6 million in the same period.

“Maryland is a place that’s just taking off,” Narayanan said.

The opening of casinos in Massachusetts in the next few years is expected to lead to a significant new source of revenue, possibly at the expense of neighboring Connecticut’s Mohegan Sun and Foxwoods Resort casinos.

Narayanan questioned if gamblers who check out a Massachusetts casino will still be comfortable traveling to Connecticut’s tribal casinos.

“That’s a real good question,” he said.

___

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Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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