Mar 3, 2009 1:08 pm US/Eastern
Slot Parlors On The Way?
BOSTON (WBZ) ―
The state treasurer thinks Massachusetts would get a financial boost by licensing three slot parlors.
Tim Cahill believes the state could generate up to $3 billion in one-time licensing fees up front and about $250 million a year in tax revenues.
"I think given the financial crisis we're faced with, and the need for revenue, this is a cleaner and quicker way to get that revenue," Cahill told WBZ Tuesday.
Gov. Patrick failed in his attempt to bring full scale-casinos to Massachusetts last year.
The slot parlors would be privately-owned and operated, but publically regulated.
The state would get 27-percent of the money made from them.
"There is cash waiting to invest, but they'll only invest in probably low-tech, sure-fire things and I think this is a pretty sure-fire way for both us in the state as well as a private entitity to make a lot of money," Cahill said.
The proposal would need approval from the Legislature.
House speaker Bob DeLeo released this statement Tuesday:
"Speaker DeLeo, who has two track facilities in his home district, has viewed slot plans with favor historically. Today, the Treasurer made an interesting proposal which will be considered at the appropriate time along with other revenue producing plans."
Gov. Patrick said he doesn't know all the details but is willing to listen to Cahill's proposal.
However, gambling critics point to
Twin River in Rhode Island as a venture that's not sure-fire.
It's on the verge of bankruptcy.
Rhode Island has much more to lose though, because it collects 60-percent of the slot revenue there, significantly more than the 27-percent Cahill is proposing.
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