subscribesubscriber servicescontact usabout ussite mapBuy a Classified
Sun, Nov 22 2009 
Breaking News:  Colts go to 10-0  November 22, 2009 04:35 pm

Resources

print this story   Print this story
  Post to del.icio.us

Photos


Driver Jim Dailey in the winner's circle Tuesday after upsetting heavy favorite Vapor In The Wind with Robin I Scoot to win the first race on the card Tuesday on opening day of the standardbred meet at Hoosier Park. This is the 16th standardbred meet and it includes the Hoosier Cup, Dan Patch Invitational and new this year the Indiana Million Dollar Championships.
Don Knight / The Herald Bulletin


The standardbred season kicked off with the $23,000 "The Inaugural Pace" under partly cloudy skies and warm tempratures Tuesday at Hoosier Park. This is the 16th standardbred meet and it includes the Hoosier Cup, Dan Patch Invitational and new this year the Indiana Million Dollar Championships.
Don Knight / The Herald Bulletin


Hoosier Park struggles to stay profitable

Racino seeks relief from high licensing fee, tax rate

By Aleasha Sandley, Herald Bulletin Staff Writer

Rep. Jack Lutz, R-Anderson, said he expected Rep. Charlie Brown to amend a bill concerning Indianapolis’ Capital Improvement Board today to also include items about gaming.

“I think some things that (casinos) are asking for that might be introduced tomorrow would be worthy of consideration,” Lutz said Monday.

He said solutions to the casinos’ problems could include the reduction of required payments on their adjusted gaming revenue and allowing local governments that benefit from casinos to deduct what they pay the horse industry before paying the state gaming tax.

“They’re asking for some help, just as the CIB in Indianapolis is asking for some help,” Lutz said. “At least let Madison and Shelby counties be given the tools to help the situation.”

Brown said bringing slot machines to Hoosier Park and incurring the $250 million fee really was not a choice on the part of Centaur Gaming.

“The racing industry has declined over the years, and Hoosier Park was not making money prior to the slot legislation and Hoosier Park at that time received a subsidy from the riverboats,” he said. “With the passing of that legislation, the subsidy was going to go away.”

Brown said without the high licensing fee or tax structure, the casino would be operating fine.

“It has placed a tremendous financial burden on us absorbing the cost of this,” he said. “It was done on speculating what revenue there would be that could handle the cost incurred of the $250 million license fee and any interest in borrowing money. Now, a year later we’re seeing that revenue levels produced don’t match the burden of a license fee that high and ongoing tax and fee structure.”

Yelton said no one could predict what kind of bankruptcy Hoosier Park could go through if it came to that. Historically, though, both Indiana casinos and those in other states have gone through reorganization bankruptcies.

“In all those cases, gaming didn’t skip a beat,” he said. “Doors were always open, jobs were always secure.”

Anderson Economic Development Director Linda Dawson said without an operating Hoosier Park, the city would lose 900 jobs and $2.5 million to $3 million in annual revenue.

“Without that revenue, it would result in drastic cuts in city services,” she said. “If those millions of visitors would disappear, it would have a drastic effect on the service industry.

“For a city to be accustomed to having a casino operating and considering the recent House Bill 1001 effect of reducing income to the city, the Hoosier Park casino could easily be classified as a lifeblood to the city at this point.”

Dawson said Hoosier Park had not received tax abatements from the city and city officials could do nothing to help the casino’s financial situation.

“There’s only one way of alleviating this concern, and that’s for the state to step up to the plate and admit that the original gaming fee of $250 million was extraordinarily high compared to anyplace else in the nation and the percentage of taxes they’re charging to the racinos was extraordinarily high,” she said.



print this story    email this story   
Click here to load this Caspio Bridge DataPage.
Click here to load this Caspio Bridge DataPage.






autoconx
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide

Sign up for Herald Bulletin
Email & Text Alerts







Premier Guide
Find a job! Find a Home! Find a car!


 

Community Newspaper Holdings, Inc.CNHI Classified Advertising NetworkCNHI News Service
Associated Press content © 2009. All rights reserved. AP content may not be published, broadcast, rewritten or redistributed.
Our site is powered by Zope and our Internet Yellow Pages site is powered by PremierGuide.
Some parts of our site may require you to download the Flash Player Plugin.
View our Privacy Policy
Advertiser index