Casino Gambling Developers Receive Tax Break Law In Mississippi

The state of Mississippi is looking for people who can help the community by building hotels, convention facilities, and golf courses. They have targeted the one group of people who may still have the money to accomplish that feat, casino owners.

The state has passed a law that would give casino developers a thirty percent sales tax break if they build non-gambling attractions. The investment would have to be at least $10 million for most projects, and $40 million for a hotel.

"I'm confidant it (new law) will create new jobs and generate enormous investment in the state in coming years," said Governor Haley Barbour. He believes something had to be done in a pro-active way that would boost the economy in Mississippi.

The state is looking to expand upon an already successful tourism industry. Last year, over $400 million was generated in tax revenue. The new law creates hope in the state legislature, but the results will not be felt immediately.

Even with the resources, casino developers have been slow to spend money during the tough economy. Their casinos are not generating what they once were, and it only figures to get worse before it gets better.

Right now in Mississippi casinos are experiencing the roughest of times. Many casinos are cutting jobs and have missed interest payments to lenders, but Barbour is confident once the economy turns around, that the new tax break law will be met with open arms from casino developers.

March 19, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
Submit News!

European Union Drops Legal Case Against Austria
Michigan May Clear The Air Of Cigarette Smoke At Casinos
Super Bowl Gambling Pool Ends With Illinois Man Convicted
Sore Losers In Alabama Leading To Illegal Gambling Busts
Gambling No Longer An Alibi Under Arkansas Law