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NORTON NOTES: Welcome to AC, Hard Rock
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by Steve Norton
CEO, Norton Management
Visitors on the Atlantic City Boardwalk hyped for Hard Rock casino | News | pressofatlanticcity.com
It is great news that the Taj Mahal will reopen; and even better news that it will be owned and operated by the Hard Rock Company, that is familiar with destination casinos. We should also remember that Hard Rock has, or had, an agreement with the Meadowlands, to operate a North Jersey casino there, if approved by NJ voters.
NORTON NOTES: IL Should Raise VGT Taxes
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by Steve Norton
CEO, Norton Management
Illinois video gambling parlors sue state over profit-sharing rules
The liquor store owners have a valid point; but while the State is reconsidering the issue of slot ownership; they should also take a look at the current tax rate (less that the riverboat casinos' who had to make multi $million investments.
The original bill should have been to raise taxes, in a State badly in need of new revenue sources. And like they raised the riverboat casino tax from 20% to levels of 35%, 50% and even 70% on higher levels of casino win; they could do the same on VGT's.
The highest riverboat tax rates even apply to table game win, with a much higher payroll and operating costs. The bar owners should currenrtly be earning $200 dollars a day from 5 VGT's, and they have none of the costs associated with the $25 thousand to purchase and equip each machine. So the various operators; including bars, restaurants, truck stops, fraternal organizations, coffee shops, beauty salons, bowling alleys, perhaps should be allowed to own and operate their machines; but correct the tax imbalance with the riverboats; and other states.
Just look at the states that introduced slot machines to raise taxes. These include Pennsylvania that started with a 55% tax, Maryland 67% and New York tracks, Aqueduct and Yonkers, around 70%. And Since 25,000 new slots have been added to the 10 riverboat casinos, the actual win tax collected was less than the 9 riverboats paid in 2007. And the idea of slots in bars, wasn't just to increase revenues; it was to create a new attraction; which it has, to the detriment of all but the newest IL riverboat.
Attorney Dan Webb argued that he knows of no other industry that is forced to give up 50% of their profits and can't negotiate a better deal. Perhaps he should look at Illinois casino bill that doesn't tax profits, it taxes revenues, before operating expenses are paid.
NORTON NOTES: Solutions for FL Gaming Impasse
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by Steve Norton
CEO, Norton Management
House sees Senate on gambling bill, raises the ante - SaintPetersBlog
Today's article has no mention of previous House plans to allow Greyhound tracks to stop live races. That would be a far better solution, than giving any track or fronton the right to have slot machines, subject only to a local vote. Miami-Dade and Broward got approval for slots for their pari-mutual's, only after a Statewide referendum, and a follow up county vote. One that Miami-Dade first rejected, and only got slots 2 years later, with a 2nd. positive county vote.
NORTON NOTES: Western CT Casino Still a Better Option
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by Steve Norton
CEO, Norton Management
East Windsor Casino Plan Best Bet For State - Hartford Courant
Today's article by Tim Larson says that the Connecticut Legislature should approve the Tribal effort to place a casino in East Windsor. And his proposed rational is; to "protect Connecticut jobs, bolster our tourist trade, increase State revenues and help our economy". But a casino near the State's Western border, would save more CT jobs; would bolster tourism from another state, rather than a higher penetration from CT citizens; add more revenue to State coffers; and do more for the State's economy, that a small facility in E. Windsor.