Slot Games Proposal Gains Traction in Missouri Legislature
Lawmakers in Missouri are looking into a proposal to legalize slot games across the state.
LISTEN TO THIS ARTICLE:According to a St. Lous Post-Dispatch local report, the House Emerging Issues Committee recently heard arguments from both proponents and opponents of the plan.
According to an analysis, video gambling machines at gas stations and bars could bring in over $343 million in state revenue.
A nonpartisan financial review, however, raised concerns that introducing these games could lead to financial losses for riverboat casinos.
The report analyzed Illinois' experience with slot machines, finding that casino revenue declined 15% in the first five years, while slot machine revenue skyrocketed 900%."
Additionally, the analysis predicted that the legislation would lead to decreased casino tax revenues and lower admission fees for local governments in cities where the riverboat casinos are docked.
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House Considers Hardwick’s Bill
The conflicting interests played out at a Monday hearing of the House Emerging Issues Committee, where lawmakers considered a bill to regulate the spread of gaming machines by firms like Torch Enterprises.
The bill sponsored by Rep. Bill Hardwick aims to regulate slot games in Missouri through a fee and tax structure while implementing safeguards to prevent underage gaming and support the Missouri Lottery.
Under the legislation, the games would be taxed at 34%, a rate similar to casinos, but higher than the voter-approved tax rate for sports wagering.
According to Hardwick, his plan offers two key benefits: regulatory certainty for businesses with the machines and a new revenue stream for schools, which are his main goals.
While Democrats on the panel backed regulating the machines, they suggested refining the proposal during the legislative process. Some want local governments to have the option to opt out of the program.
Others proposed an amendment requiring businesses to place the machines in a separate area to shield children and other patrons from gambling activities.
Hardwick has expressed his willingness to accept the adjustments to the bill.
RELATED TOPICS: Regulation
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