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.