Indiana Racinos: Tax Breaks Needed
Published: August 25, 2009 10:19 am ET
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Yesterday, during an Indiana Gaming Study Committee meeting examining gambling issues in the state, representatives from Indiana Live! and Hoosier Park said that if racino taxes are not slashed the facilities may not survive.
Indiana Live! chairman Ross Mangano stated that racinos should not have to pay taxes on revenue that they do not get to keep, citing payments to horsemen's groups.
According to the article, tracks are legally obliged to pay state wagering taxes on a sliding scale; a three per cent local tax to their host communities; one per cent to help subsidize the French Lick Resort Casino, and 15 per cent of their gross gambling revenue — the casino's winnings after payouts — to horsemen's groups for purses.
The racino owners stated yesterday that they have operated with losses since opening last year. The racinos had also paid $250 million licensing fees and invested $100 million each in new gaming facilities.
Click here to the read the Courier-Journal article in its entirety.
(With files from the Courier-Journal)