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Gambling News: Racetrack Slots Given The Go-Ahead In Ohio
Gambling News: Racetrack Slots Given The Go-Ahead In Ohio
With increase in gambling, Racetrack slots were given the go-ahead in Ohio to bring in more capital for taxpayers.
Porto,
Porto,
Portugal
(pr4links.com)
09/07/2011
Racetrack Slots Given A Go-Ahead In Ohio. Onlinecasinosplanet.org, a site which is dedicated to providing exclusive information about top online casino sites based on extensive research has remarked that the casino deal went through after the Ohio Governor stopped construction by the developers. According to the site, Rock Ohio Caesars, who are building casinos in Cleveland and Cincinnati, will not have to pay Cleveland’s commercial activity tax or CAT on each wager. The Ohio House provision states that CAT should apply to both wagers and payouts. Casino operators are not happy with this since it means millions of dollars in extra taxes. Thanks to the new deal, casino operators will now have to pay taxes only on wagers and not on the payouts.
Rock Ohio Caesars will spend an extra $10 million during the forthcoming ten years, in addition to increasing its state investment from $500 to $900 million. The casino’s application fee is now $1.5 million. The fact that racetrack slots were given the go-ahead in Ohio came as a surprise to many people since a single video lottery terminal alone will cost $50 million. Giving the go-ahead to the seven racetrack slots in Ohio would mean revenues of $350 million, excluding sales revenue at 33.5%.
The Video Lottery Terminal will now be legitimate and professional, benefiting horseracing which was not doing well in the recent past. The ROC and Caesars will together have authority over Ohio’s race track in the Northeast of the city. Other casino developers will have the remaining five casinos. The legalizing of the Racetrack Slots which got the go-ahead in Ohio means that those in the state can enjoy online casinos and online gambling.
Onlinecasinosplanet.Org
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For the latest news about online casinos and gambling, visit the site www.onlinecasinosplanet.org.
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