The legislature's economists threw cold water on the vaunted projections of the Senate's ambitious gambling bill bringing in more than $1 billion. The real number should be closer to $400 million, with the new money coming from giving the Seminole Tribe full casino gambling, the economists said. But the net effect of opening more games for parimutuels is an immediate decline in net revenue.
Here's a link to the report: http://edr.state.fl.us/conferences/revenueimpact/2009/pdf/impact0330.pdf
Here's a breakdown of their conclusions:
· Allowing slot machines operators to pay taxes on a monthly basis, rather than a weekly basis would reduce the revenue to the state by $12.2 million in the first year and and $19.9 million in the first full year. Taxable income would have to increase by 43 percent for this change to be neutral. “This could be due to an increase in the number of machines or an increase in the amount of income per machine, or a combination of both,” the report concludes.
· Reducing the annual license fee by $1 million results in a net loss of $6 million.