State of Maine Will Not Require Additional Slots Revenue
As of May 14 2007, legislators in Maine from both parties are trying to put an end to the controversy in Bangor and re-open the gaming casino in the area.
All but a single member of the Legislature Appropriations Committee voted that day to stop the discussion on getting a larger share of the profits from the slot machines to balance the budget deficit.
Jeremy Fischer, Appropriations Committee Chairman and a member of the Democrat Party from Presque Isle, commented that he believes that it would be enough to persuade the Penn National Corporation to reopen the slots facility in Bangor.
The plans for a brand new Hollywood Slots call for a new slots establishment that will host 1,500 electronic slot machines.
The facility, which will open in the middle of 2008, will replace the temporary slots facility of Penn National, which currently has 475 slot machines.
Aside from the 39% taxes to the state regarding their net profit and a 3% tax on Bangor, Penn National pays a 1% tax on the gross profits of the slot machines.
A temporary proposal from both sides regarding the larger percentage of the state on Penn National’s earnings caused the company to stop building the facility, which in turn caused huge protests from the affected residents denouncing the plans of the state.
House Speaker Glenn Cummings, a Democrat from Portland, said that it is clear that concerns of Penn National Corporation are in accordance with the concerns of the residents. Hence, they have decided to stop the proposal for the good of all parties.
While the Democrat Party said that both sides decided to pursue racino revenue, a statement from the Republican Party emphasized heavy democratic development.
House Minority Leader a Republican from Newport, Josh Tardy, said that good budgeting and good governance demands that the state keep its promises. They cannot give businesses the impression that they do not have a firm stand. Penn National Spokesperson, Eric Schippers, could not be reached for comment.