Colorado Regulators Revises Gambling-Tax Revenue Outlook for the First Year of Gaming Changes
The gaming regulators in the state of Colorado are scaling down their prediction for how much they expect state casino-tax revenue to improve in the first full year of bigger wagering limits, longer hours of gaming operations for gambling establishments and the addition of new games to the gaming line-up of casino facilities.
The state voter-approved Amendment 50 changes that took effect on July 2nd, 2009 permitted casino facilities in the three gaming towns of Colorado, Black Hawk, Cripple Creek and Central City to raise maximum wagers from $5 to $100, stay open for twenty-four hours a day, seven days a week and craps and roulette to their gaming line-up.
Gambling-tax earnings for the fiscal year that ended June 30th was $95 million, down from $108 million the previous year.
Colorado gaming regulators expected a twenty-five percent improvement for the fiscal year that ends next June 30th, but Colorado Division of Gaming director Ron Kammerzell told Colorado legislators on September 28th, 2009 that most casino gaming operators in the state now expect an eight to ten percent gaming revenue improvement.
Kammerzell said that the change in outlook is largely due to the worldwide economic crisis.