The economic impacts of a casino development on Hayden, CO
Hayden will experience widespread and significant economic returns from both the jobs impact of Sleeping Giant Casino and related development, as well as from the revenue distribution resulting from the casino’s proximity to Hayden.
The jobs impact will be direct and substantially supplement a range of Hayden-based revenues, both in the private and public economies.
Yampa Valley Data Partners does not break out the distribution of jobs; but assuming a modest 25% share of direct casino jobs for Hayden (154 jobs out of the 617 projected), that will be $6.4 million in local household income, $2.41 million in local consumer spending, and $158,000 in sales tax collection. These projections do not include the increase in property taxes resulting from increased local development surely to accompany an in-flow of jobs and significantly higher household income. And they do not include the private and public revenues that will flow from the projected 200-room hotel, and entertainment center, and food services.
Revenue distribution from the casino’s projected $60 million revenue will also be substantial. A recent agreement on revenue fees in lieu of property taxes for a casino in California yielded the local government $4.15 million annually against $46 million in casino revenue. Sleeping Giant Casino is projected to have revenues significant higher than $46 million annually. It is anticipated that such revenues for Hayden will help offset projected infrastructure needs in areas such as upgrades to its sewer system, a water tank at the airport, police force, fire district, schools, and road improvements among other needed services.
On a per capita basis, although the economic benefits of a casino and related development will be spread throughout the Yampa Valley, the primary benefits will be experienced in Hayden.