Delaware could reduce casino taxes
Lawmakers are assessing the possibility of reducing the state’s taxes on casino revenues in the near future.
US.- Lawmakers in the state of Delaware are ready to study the possibility of reducing state’s taxes on casino revenues as gaming venues are in danger of shuting down their operations due to financial problems. Senate Bill 114, introduced by Sen. Brian Bushweller, would cut the tax on table games from 30 to 15 per cent and eliminate the annual license fee among the state’s three casinos.
“There does have to be substantial progress made in reducing the damage the state has done to the casino industry,” Sen. Bushweller said. However, he estimated that the proposal would cost Delaware over US$20 million at a time where lawmakers seek to increase state income.
Dover Downs Gaming & Entertainment CEO Denis McGlynn assured that SB114 is a much needed measure for casinos as the company lost more than US$1 million last year and its long-term viability is in danger: “We make money, everybody else gets it but us and we end up with a million dollar loss. This is just not sustainable,” he said.
Sen. Harris McDowell, a chairman of the state’s Joint Finance Committee advanced he would hold the bill until March 14 to see if the executive branch could help address the issue and stated: “I feel the skill, knowledge, and analytics necessary for this type of negotiation is uniquely housed in the executive branch of our state’s government.”
