Expanded Gambling In Colorado Not Meeting Expectations

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The state of Colorado was one of many in recent years that expanded their gambling options. Colorado lawmakers were anticipating a large increase in tax revenue when additional gambling hours and higher betting limits were added to state casinos.

It has been one year that the new laws have been in place, and the revenue expectations have not yet been met. The original estimates had the state making an additional $30.6 million in gaming tax revenue, but when the fiscal year ended on June 30th, it was revealed that only an additional $9.4 million in revenue was produced.

The reason the figures are off may have to do with an economy that is still struggling to recover from the recession. The smoking ban that went into effect back in January of 2008 is also being blamed for the low figures. Regardless of the failed expectations, the state still believes that the law change was necessary.

"If it (betting limits) would have stayed at $5, I think half the casinos would be gone," said Don Baader, the ex-mayor of Cripple Creek, as reported by The Associated Press. Overall, the numbers are still positive for Colorado.

In the fiscal year that ended in June, estimates for tax revenue from economists were $108.7 million. The previous year, revenue was $94.9 million. The increase, although not what was expected, will help the state deal with a budget deficit created during the recession.

The addition of employment opportunities is not lost on state officials, either. Thousands of jobs have been created by casinos to deal with the longer hours and higher betting limits. With the economy improving, analysts believe that the new fiscal year will bring higher revenue from casinos than the record $112 million back in 2006-2007.

July 2, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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