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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...
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