Track officials said revenue from the slots was needed to keep their tracks and the horse racing in Indiana viable
This is the claim made around the country. Frequently, it works.
Of the Raynham Dog Track --
“It’s not doing as well as it once did, but that’s only because we haven’t allowed them to compete,” said state Sen. Marc R. Pacheco, D-Taunton.
[Rep. Slots] Flynn has estimated the state would reap $700 million from slots in their first year and $400 million annually thereafter, but since the economy has continued slumping, he has backed off any firm figure.
Wow! Such revenue! Except it wasn't true then and isn't true now.
And NOW ?
The discussion [by the Indiana state Senate Committee on Gaming] is expected to include tax breaks for so-called "racinos" and whether to allow table games....
That's the way it works! Promise anything and push for expansion when reality sets in!
Of the most recent push, for slots at race tracks or racinos, Raynham Selectman Joseph Pacheco repeated the oft-heard and untrue refrains --
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'This will not only create revenue, but also create and maintain jobs.”
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Wow! Mr. Pacheco has got the canned casino rhetoric down pat!
Let's copy the recipe of failure offered by others --
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The study, appearing in the latest issue of "The Journal of Economics," found that
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the average salary of racino employee is less than $14,000 annually.
From Treasurer Cahill's Suicide Pact? --
Slot parlors around the country are collapsing; Rhode Island may have to use PUBLIC money to buy out their own racetrack slot parlor
In a speech by State Treasurer Timothy Cahill to the Greater Boston Chamber of Commerce, he offered --
...licensing fees for 15- to 20-year operating rights could bring in between $2 billion and $3.3 billion in up-front payments, ....up to $244 million annually by collecting a 27 percent tax on revenue from the slot machines...
...the governor's 2007 estimate, which was $600 million to $900 million. (which was an overestimate at the time)
Twin River in Rhode Island has about 4,000 slot machines; in Connecticut, Foxwoods Resort and Casino has more than 7,000 and Mohegan Sun has 6,600.
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