Four casinos planned for first round
Four casinos in three regions.
That's the compromise reached by legislative leaders and Gov. Andrew Cuomo on enacting legislation that lays out how the first round of non-indian live-table casinos would be sited and awarded if a constitutional amendment is approved that would allow up to seven of these casinos.
A copy of the bill memorandum is at the bottom of the post, with he full text of the bill available below that.
The tax rate on live-table games is 10 percent of gross gaming revenue, with the tax rate on slot machines varying from 37 percent to 45 percent, depending on the tax rate for the racino operating in the region of the new casino.
The initial rate generated serious concerns from the state's racinos, which pay an effective tax rate of about 67 percent and argued they couldn't compete with new casinos.
During a Senate racing committee meeting on Wednesday, Bonacic said there is some discussion about the Gaming Commission being asked to allow "flexibility" with different rates to ensure that racinos don't get hurt.
This post will be updated during the day.
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