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Delaware Casino Relief Proposal in Jeopardy

Delaware Casino Relief Proposal in Jeopardy

The Delaware casino industry is in trouble and it is looking to the state in order to obtain millions of dollars in relief. Unfortunately, it seems that these funds are simply not available.

According to lawmakers handling the state’s budget, the state’s revenue estimates are declining.

In March, a panel recommended a change in how the gaming revenue is split between the state and the casinos. The recommendation would mean that $30 million would move from the state to the casinos over the next two years.

This recommendation is being led by Senator Brian Bushweller who clearly stated that while his colleagues are in support, there are simply insufficient funds.

The financial difficulties in the state began already in January when the budget plan for the upcoming fiscal year was released by Governor Jack Markell. Already then, revenue estimates had declined by $60 million which meant that finding an extra $30 million for casinos would be difficult.

According to the CEO of Dover Downs, Ed Sutor, his casino is running at a loss and with the lack of state relief, spending cuts will need to be implemented.

Lawmakers will have to approve a budget by the time the legislative session ends on the 30th of June.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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