Electronic Gaming Funding a Failure for New Minnesota Vikings Stadium
Electronic pull-tab gaming was designed to pay for a new minnesota vikings arena, but that plan hasn’t materialized as planned
When the Minnesota Vikings decided that they required a new stadium, they wished to make use 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 create a special tax to raise the money, they’d bring electronic gambling machines to a huge number of bars as well as other venues around the state. It seemed like an audio plan until it absolutely was placed into practice.
Net Gain: Bupkes
This week, Minnesota announced that residents and people to the state had put down about $15 million on the machines during the period of their first year in operation. Of that, roughly 85% went straight back to players in the form of winnings, leaving only about $2 million in earnings. That was split among charity expenses, contributions and general taxes, and left nothing at all for the brand new stadium. That is correct: the electronic pull-tab design games raised absolutely nothing for their intended function over their very first year in service.
The failure is definitely an embarrassment for Governor Mark Dayton, who has been strongly behind the newest Vikings stadium. According to him, the numbers which have come in show that the state itself had been taking quite the gamble by counting on the machines to finance their percentage of the stadium’s cost. (більше…)