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(EMAILWIRE.COM, March 05, 2013 ) San Francisco, CA -- Analysts are now warning that a setback for casino businesses nationwide is likely due to the higher payroll taxes that are on the horizon.
With more money being removed from the paychecks, casino customers will now have more discretionary income for gambling tips, according to analysts.
The main problem, according to said analysts, is the high payroll tax for Social Security. A 2% cut in the Social Security tax, which had been enacted in 2011 to simulate the economy, expired at the close of 2012. Congress decided not to extend the tax break as part of the budget negotiations.
Michael Paladino, who is a casino analyst for Fitch Ratings, stated the higher payroll tax was “an immediate hit to paychecks.”
“I think, for the most part, anything that is going to be a negative to consumers’ discretionary spending is going to be a concern for the casino industry,” Paladino said in an interview.
Paladino released a report for Fitch Ratings that characterized the higher payroll taxes as “another headwind for an already lackluster outlook for U.S. casino operators.”
Deutsche Bank, in a January report that also focused on the payroll tax, asked consumers, “Did you see your paycheck?” And Andrew Zarnett, who works as a casino analyst (and is author of the Deutsche Bank report), predicted higher taxes “will be a negative to the gaming industry.”
Zarnett also noted that there was a shift in the consumer spending that occurred as a result of the recession. He noted that consumers were much more frugal, and the value-oriented spending streak became immediately clear. Even those who entered into casino were more quick to pull their money off the table.
“There’s going to be a noticeable impact. I think it’s seen in the January numbers that came out,” Paladino said of the higher payroll tax.
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