Tribal Casinos Profit State and County Budgets
15 June 2005
Over 2004, American Indian tribes contributed $900 million to state, county, and city governments, in addition to $62 billion in taxes, most of which was paid to the federal government. The $900 million is an increase of 23% over 2003. The overall increase is attributed to increased revenues. Tribal casinos have increased their income at roughly twice the rate of non-tribal commercial casinos.
An increasing number of tribal casinos are agreeing to share profits with local authorities in exchange for being allowed to offer the more profitable class III games and for being given longer term compacts with the state. While most tribes are willing to pay the additional funds, some have complained that they are paying too big a chunk of their profits, sometimes as much as three times the local corporate tax rates. Many states are becoming reliant on tribal profit-sharing to keep the state budget balanced, and are trying to take more and more of the tribes’ profits. As a result, some tribes have decided to back out of casino deals.
Source: Authorized Online Casinos News Staff
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
