The Pennsylvania Gaming Control Board said Wednesday that the state has received $165 million as the casinos prepare to start rolling dice and dealing cards in July.
The deadline for payment was Tuesday. Each owed $16.5 million.
On top of this the casinos have to pay taxes on all money they receive.
The state will take 14 percent of the casinos’ revenue from table games, while 2 percent will go to local counties and municipalities. At the end of the second year, the gross tax rate will drop to 14 percent.
In brief the answer is casinos will pay the state $16.5 million each for the right to have table games and pay 16% taxes per year (14% after one year).
That’s a pretty good influx of income for the state of Pennsylvania. If I were a resident of the state I’d like to know how all of this extra money was going to be spent. If I find that information I’ll pass it on.
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some, if not all, is being used for property tax rebates.
I got mine!