2012beof-111206092256-phpapp02

Colorados casino and gaming industry had only

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Creek have all experienced volatility over the past decade. Colorado’s casino and gaming industry had only marginal growth through late 2010 and 2011 due to the continuing economic recession, the residual impact of the 2008 casino-wide smoking ban, and a market saturation in the three gaming towns that has resulted in cannibalization of existing markets rather than growth of new gaming patrons. The Wildwood Casino’s opening in 2009 did not increase the Cripple Creek gaming market as originally anticipated. Since calendar year 2008, the industry has experienced an average of $11 million in collective losses. Nonetheless, since the industry is taxed on gross revenues rather than net revenues, the industry continues to honor its commitment to the recipients of gaming tax revenues, such as the state’s historic preservation program and the community college network. These gaming tax revenues help bolster their budgets and maintain their commitments to preserving Colorado landmarks, as well as assuring students a quality higher education. The gaming tax also funds the tourism promotion budget for the Colorado Tourism Office, which in previous years has been an average of $15 million, but most recently...
View Full Document

Ask a homework question - tutors are online