Numbers are Overestimated

The amount of money that the Senate has been claiming that can be brought in from slot machines has been grossly overestimated according to the state’s economists. They say that the Senate is claiming that more than $1 billion could come in from allowing the Seminole Tribe to offer full casino gambling, but they say that the number is closer to $400 million.

They found that simple things like allowing the slot machine operators to pay monthly rather than weekly would cause the state to get $12.2 million less in the first year and $19.9 million less in the first full year that they are running. They say that in order for this to change there would have to be much more slot machine activity than is currently projected, which means they would need to get more people playing, or they would need to add more slot machines within the state.

They said that by reducing their annual slot machine license fee would cause them to lose $6 million, and that lottery sales would be hurt by the addition of slot machines. They say that instead of playing the Florida Lotto, people would go to the slot machines causing the state to lose $8.5 million there.

They also had ways that the money could be increased. They said that by giving state horse and dog tracks as well as the jai alai frontons slot machines they could bring in $18.6 million the first year, then $59.8 million the first full year, and $97.3 million the next year. The tax on the slot machines would bring in around $139 million the first year with the license fee bringing in another $16 million. They say that the third full year that the slot machines were running they could conceivably bring in $130 million.
 

Back to Monthly Archive // Main Slot Machine News Index