The state lottery has hit a milestone—four billion dollars raised for the state budget in its 25 years. About three-and-a-half billion dollars have gone direclty to public education under a law that went into effect for the 1993-94 fiscal year. In the first seven years, proceeds went into the state general revnue fund to be used for education or any other program the legislature wanted money for. [Read more...]
Loss limit repeal creates no gold mine (AUDIO)
December 30, 2010 By
Removal of the 500-dollar loss limit has hardly been the payoff for Missouri schools that casino interests promised it would be in 2008 and that the state gaming commisison had hoped for. The commission’s deputy director, Alden Henrickson, says income from casinos will be about 24-milion dollars under expectations for this fiscal year. The commission had projected gambling tax revenues of $372 milion dollars in this fiscal year. But halfway through the year, it has lowered its sights to $348 million.
The commission expects casino tax income to improve a little bit in the fiscal year starting next July first, to $354 million, still not up to expectations for THIS fiscal year.
State income from the lottery or taxes on casinos are earrmrked for education.
Missouri voters threw out the $500 loss limit in 2008. But Henrickson says that vote took place near the lowest point of the economy so improvements resulting from the striking of the limit are not likely to become obvious until the national economy improves. The Nixon administration is looking for ways to bridge the 24-million dollar shortfall for education funding.
Gaming Commission keeping tabs on online poker (AUDIO)
December 6, 2010 By
The Wall Street Journal reports US Senate Majority Leader Harry Reid’s staffers are circulating a bill that would make internet poker legal, and possibly wants to get it passed this month.
The future of online gambling is of interest to officials in Missouri, too.
Les Hahn, a Gaming enforcement manager with the Missouri Gaming Commission, says he’s been tracking the growth of online gambling for the past four or five years.
“The traditional casino operators are absolutely keeping their finger on the pulse of what’s going on with internet gaming. In a lot of ways it’s the next new growth market. We’ve seen kind of a paradigm shift in industry over the last few years. A few years back it was kind of like, ‘No, we don’t want that. It’s going to detract from our business and people will just sit in their pajamas and gamble and won’t come out to our properties.’ Well, There’s reason to believe now that may not be the case and I think we’ve seen a gradual transition in opinions,” Hahn said. [Read more...]
Gaming Commission picks Cape casino (UPDATED w/ AUDIO)
December 1, 2010 By
The Commission voted 5-0 to make the Cape proposal the 'priority applicant for investigation'
The Missouri Gaming Commission voted unanimously Wednesday to give Isle of Capri the go-ahead to build a casino in Cape Girardeau. It will be Cape’s first casino. Commission Chairman Jim Mathewson says while there were concerns about giving Isle its fourth casino license of the 13 the state has to offer, he stands by the decision.
“I think the Isle of Capri people have proven themselves to be a good corporate citizen in the state of Missouri. We know their record, their corporate headquarters is in the state of Missouri… their financial data held up,” Mathewson said.
Isle of Capri beat out two other companies with proposals for casinos in St. Louis and the Kansas City area. [Read more...]
Study shows Cape casino proposal as front-runner (AUDIO)
November 26, 2010 By
The Cape Girardeau casino proposal would likely generate the most new net general revenue, gaming taxes and new employment compared to the other two proposals in St. Louis and the Kansas City area. That’s according to a Department of Economic Development report conducted for the Missouri Gaming Commission. But that doesn’t mean the Commission’s final decision is necessarily cut and dry.
“This DED report is one of many elements the Commission is considering when making its decision. They’ve held public hearings around the state, there’s this DED report, they’ve also had financial resource updates from our information staff. Also, from a variety of sources they’ve looked at the integrity of the applicants, the economic impact to the state, the scope and quality of the developments. Many factors go into consideration in making this decision,” said Missouri Gaming Commission spokesman LeAnn McCarthy. “One of the most important things is the support or opposition of the governing body of the home dock city or county. It’s essential they have the home dock support.” [Read more...]
