The legal battle over appeals filed by four companies that lost out in the recent round of bidding for casino licenses in Pennsylvania could cost the state hundreds of millions of dollars in gambling tax revenue and delay promised property tax relief.
“If this drags on,” said Thomas A. Decker, the board chairman, “you end up having the citizens lose that valuable tax relief, the economic development, the horse racing industry income, even the jobs that would be created at the casinos would be delayed, and you never get that back.”
When all 11 casinos are up and running, they are expected to generate about $1.7 billion annually from a 55 percent tax on their gross terminal revenue, what remains after bettors are paid their winnings but before casinos pay their expenses.
Of that 55 percent, 34 percent is to go to property tax relief statewide, 12 percent to the horse racing industry, 5 percent to tourism and economic development and 4 percent to local and county governments where the licenses were awarded.
http://www.nytimes.com/2007/03/17/us/17casino.html?ex=1331784000&en=f5e5c3e4fe74db52&ei=5088&partner=rssnyt&emc=rss
“If this drags on,” said Thomas A. Decker, the board chairman, “you end up having the citizens lose that valuable tax relief, the economic development, the horse racing industry income, even the jobs that would be created at the casinos would be delayed, and you never get that back.”
When all 11 casinos are up and running, they are expected to generate about $1.7 billion annually from a 55 percent tax on their gross terminal revenue, what remains after bettors are paid their winnings but before casinos pay their expenses.
Of that 55 percent, 34 percent is to go to property tax relief statewide, 12 percent to the horse racing industry, 5 percent to tourism and economic development and 4 percent to local and county governments where the licenses were awarded.
http://www.nytimes.com/2007/03/17/us/17casino.html?ex=1331784000&en=f5e5c3e4fe74db52&ei=5088&partner=rssnyt&emc=rss
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