With consumer spending at state-licensed commercial casinos totaling $35 billion in 2011, gaming offers states and municipalities a welcome source of budget relief, while increasing the potential for revenue volatility, according to a Fitch Ratings report.

"Gaming expansion has winners and losers, as states with an established footprint have to grow operations in response to new entrants," said Marcy Block, Senior Director. "Fitch expects the private sector to be a greater determinant of future market growth as developers consider the cost of capital and tax payments."

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