Arkansas shares casino revenue projections
The state has released its estimations for the next three years if casinos get legalised.
US.- Arkansas’ Department of Finance and Administration has revealed that the state government would receive US$36 million less in tax revenue in each of the next two fiscal years if voters decide to legalise the proposed constitutional amendment that would pave the way for four casinos.
The estimations indicate that the state government would receive US$14 million less in the third fiscal year. The proposal wants to get the casino industry expanded into a Hot Springs horse track and West Memphis greyhound track that already offer video poker and other electronic games, as it would also legalise casinos in Pope and Jefferson counties.
The department said that the projected revenue decrease would take place as Oaklawn and Southland would be taxed at a lower rate, and casinos in Pine Bluff and Russellville would not be operational until fiscal 2022.
However, the sponsors of the amendment said that the projections are actually flawed as Oaklawn and Southland are not considered as full-fledged casinos. Moreover, they also said that the Department of Finance and Administration is wrongly assuming that it would take two years for the facilities to open.
Nate Steel, counsel for the Driving Arkansas Forward and Arkansas Jobs Coalition committees, said, “Our conservative estimates are based on actual revenues from electronic games of skill and feasibility studies of full-scale casino gaming in two new locations.
”Just as Oaklawn and Southland have generated significant tourism and tax revenues in Hot Springs and West Memphis, this proposal will build upon that while stimulating that kind of economic growth in other areas of the state. No matter the estimate, keeping every tax dollar we can in Arkansas is better than losing the millions and millions out-of-state casinos currently take away from us,” Steel said in a written statement.
The group behind the proposal, Driving Arkansas Forward, received a deadline extension late last month in order to collect the necessary signatures to include the proposal on the November election ballot, and it now has until August 24th to present them.
