Colorado Tax Gaming Revenues To Increase Slightly for Amendment 50's 1st Year of Implementation
Gaming regulators in the state of Colorado said that tax gaming revenue will improve by 10% during the 1st year of bigger gaming limits, longer hours of operation and addition of new games such as craps and roulette.
It is a much smaller improvement compared than previously projected by the state gaming regulators. Before the state-voter approved changes took effect on July 2nd, 2009, gaming regulators had anticipated a gaming tax revenue improvement of twenty-five percent.
Ron Kammerzell, the Director of Colorado's Division of Gaming, said during a Legislative Audit Committee hearing on September 28th, 2009 that based on their thorough discussions with most of the casino gaming operators in the three casino towns of Colorado; Cripple Creek, Black Hawk and Central City they believe that something around eight to ten percent is more sustainable and viable this year.
Kammerzell said that the change is largely due to the ongoing financial crisis. Earnings from Colorado's gaming facilities fell nine percent to $702 million from $773 million during the fiscal year that ended on June 30th.
That lead to a twelve percent dipped in gambling tax revenues to $95 million from $108 million. Beginning on July 2nd, 2009, casino facilities were permitted to increase the maximum wager to $100 from $5, stay open for business twenty-four hours, 7 days a week and add the games of craps and roulette.
Much of the tax gaming revenue from the Amendment 50 changes will go directly to Colorado's community colleges. Gaming regulators predict that gambling-tax revenue will improve to $104 million during the fiscal year that ends next June 30th.