New York State unemployment will be helped by new casinos

The New York state unemployment rate has continued to grow since the economic recession of 2008. In the year from December 2009 to December 2010 actually showed an employment increase of 1% in private business. It was the government jobs that were cut, however, that forced up the unemployment rate.

The cutting of government jobs may not be over, either. Governor Andrew Cuomo is proposing a budget this week that is expected to produce thousands of layoffs for government employees. Needless to say it has been a stressful weekend for many of those who may be part of those cuts.

Aqueduct will finally get their casino that has been in the works since voters approved the increased gaming a decade ago. With a developer finally in place, the casino will bring thousands of jobs to the state. Other casino possibilities are also in the works, and that could lead to upwards of ten thousand jobs to be created.

In addition to the jobs, the new gaming options will bring hundreds of millions of dollars in tax revenue to the state. The money from that revenue could be used to reduce the state budget deficit and eventually ensure that no further layoffs will be needed at the governmental level.

Analysts believe that all of the proposed cuts by Governor Cuomo will not come to fruition. Legal analysts contend that Cuomo is simply using the threats of the layoffs to gain bargaining power in creating the new budget. Whether real or not, the threat alone shows how important casino expansion will become in the next couple of years for New Yorkers.