Virginia casino taxes to reach US$262m
According to the Virginia Joint Legislative Audit and Review Commission, casino taxes would contribute US$262 million each year.
US.- The gaming segment is set to expand in Virginia as casino gaming will arrive in the state. That’s why the Virginia Joint Legislative Audit and Review Commission conducted an impact assessment of its legislation.
The commission forecasted Virginia casinos to contribute with US$262 million in taxes per year. It also assured sports betting may transfer US$55 million in taxes once it reaches maturity.
Despite its praise for the revenue-generating industry, the commission issued some warnings about it. They said there’s a lack of problem gambling support in the state which must be urgently addressed.
Another US$84 million may flow into state coffers from online casino gaming. It would be strictly related to land-based venues.
Casino gaming
Representative Barry Knight is advocating for Virginia to finally launch casino gaming in 2020. He pre-filed a bill paving the way to enact the provisions of a 2019 approved legislation.
Back in March, Governor Ralph Northam signed an SB1126, with text identical to Knight’s House Bill 4. It required a Joint Legislative Audit and Review Commission to assess regulatory best practice and the potential impact of gambling.
The commission would submit a report to the Senate Committee on General Laws and Technology, and House Committee on General Laws, on December 1. Then, the Lottery Board would develop casino regulations between January 1 and June 30, 2020.
