Casino relief bill gets approval in Delaware

Senate lawmakers in Delaware approved the bill that lowers taxes for the three state casinos.

US.- Delaware Senate lawmakers have approved the bill that cuts taxes for the state’s three casinos and eliminates licensing fees. The bill is now awaiting Governor John Carney’s signature in order to come into force.

The legislation was approved 17-3 on Saturday, and cuts the state’s share of gross slot machine revenue from 43.5 per cent to 42.5 per cent, as well as a two per cent reduction is a casino’s capital expenditures equal or exceeding three per cent of the net slots proceeds. The bill also cuts the gross table game tax rate from 29.4 per cent to 14 per cent and eliminates the licensing fee.

The bill – that only needs the governor’s signature to be in action – is expected to generate US$15 million less revenue next fiscal year and US$20 million the following year. The legislation is the result of a joint effort between the governor’s office and the casino and horse racing industries.