News Business Increased Casino Tax Revenue Delights Hot Springs

Increased Casino Tax Revenue Delights Hot Springs

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It’s clear to see just why some legislative bodies are keen on casinos. It’s not a love of trying to get a successful hand at blackjack or trying to get the right number on a roulette wheel. The amount they can receive in taxation is something they long for as it enables them to increase revenues and carry out vital work.

When the Hot Springs and Garland County legislators in Arkansas made changes to its casino gaming laws last year, the hope was that tax receipts would greatly improve their finances. That has come to fruition after the receipts from July and August have been added up.

The Oaklawn Racing Casino Resort has been a big success and the Hot Springs and Garland County are delighted with the results. That’s no surprise considering the increases in revenue for July and August were up 83% and 95% respectively compared to last year.

Tax receipts from July and August wagering at Oaklawn Racing Casino Resort. Combined the two months brought in just short of $800,000. Previously there as a 1.50% tax levied on the net revenues from games that require some skill to be shown. Now the tax figures are considerably higher with them receiving 19.5% of a 13% tax that is applied on the first $150m of Oaklawn’s annual net gaming receipts, over $150m that figure rises to 20%

The city’s projected figures made earlier in 2019 calculated that the casino tax would see the amount received rise from $2.16m to $3.65m. They already have plans on what to do with all this new revenue.

City manager Bill Burrough said that a “good portion” of the new revenue will “go into a fund for some of our unfunded capital needs.” Some of that will be used to fulfil the agreement to demolish the old St. Joseph’s Hospital Infirmary on the campus of the Arkansas School for Mathematics, Sciences and the Arts. Other uses will be to repay debt for capital improvements. A new ladder truck for the fire department could also be on its way thanks to the tax revenue.

Image sourced from 123RF.

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