Casino
Scott Mayerowitz of the Projo gives a concise explanation of the “slippage” formula that applies to Rhode Island’s existing gambling facilities… The deal the state struck with Lincoln Park protects it through 2020; Newport Grand is protected through 2015. The slippage clause takes the average revenue at each facility in the two years prior to…
Beyond the sloganeering, here is the budgetary aspect of the casino debate in a nutshell…Harrah’s is going to take money away from Newport Grand and Lincoln Park. Even the study that casino supporters paid for says that.Because the state gets about 60% of gambling revenue from Lincoln in Newport, while it is projected to get…
The Rhode Island Public Expenditures Council has released their analysis of the impact of a Harrah’s casino in Rhode Island (pdf format). Here’s the key result from their executive summary…While the introduction of a Harrah?s Commercial Casino would increase overall gaming activity statewide by 27.0% by FY 2020, The State would experience a 17.3% decline…
(Heads Up–or Nota Bene for the cultured sort–Andrew and I were obviously working the same story and posted them within 1 minute of each other. This proves we Anchor Rising Contributors don’t collude!!!! I kept my post up because of the wonderfully witty and pithy observations….but I did truncate most of it to the “extended”…
Earlier this week, Marc asked why Rhode Island’s casino proponents are taking such a convoluted route towards changing the state constitution to legalize gambling…Instead of writing a clean, concise line or two saying something like, oh, I don’t know….”gambling does not have to be state-operated”, we have this: “Approval of this amendment to the state…