Electronic pull-tab gaming was supposed to buy a brand new minnesota vikings arena, but that plan hasn’t materialized as prepared
When the Minnesota Vikings decided that they required a brand new stadium, they wanted to make the most of public financing if it absolutely was available. The state of Minnesota obliged, but decided that rather than take the money from the general fund or produce a special tax to improve the money, they’d bring electronic gambling machines to 1000s of bars as well as other venues around the state. It seemed like a sound plan until it was placed into practice.
Net Gain: Bupkes
This week, Minnesota announced that residents and visitors to the state had put down about $15 million regarding the devices over the course of their first year functioning. Of the, more or less 85% went back to players by means of winnings, leaving only about $2 million in earnings. That was split among charity expenses, contributions and basic taxes, and left nothing for the stadium that is new. That’s right: the pull-tab that is electronic games raised absolutely nothing for their intended function over their very first 12 months operating.
The failure is an embarrassment for Governor Mark Dayton, who’s been strongly behind the brand new Vikings stadium. According to him, the true numbers which have come in show that the state itself had been using quite the gamble by relying on the machines t [Read more…]