Loss limit repeal is not translating into big revenue for Missouri casinos or our schools

The St Louis Business Journal is reporting that the removal of the loss limit has not been the economic panacea that supporters claimed it would be:

The state repealed a $500-in-two-hours loss limit at casinos in the hopes of generating much needed revenue for the education system. The projections had the repeal being the key to over $100 million in additional revenue, according to the Missouri Gaming Commission.

Now, the Commission has lowered that projection to only $30 million after factoring in what the economy has done to the casino industry.

The gaming commission has tried to blame the economy for why they cant provide the “guaranteed money” to our local schools they promised the voters of Missouri.  The Business Journal continues:

They insist that their original projections were correct, but that the recession changed everything.  “Those were pre-recession projections,” said Executive Director of the Missouri Gaming Commission, Gene McNary.

The gaming commission and casino lobby started back peddling on their promise right after the election.  But Casino Watch explained that the reason the figures were not going to be realized was because the commission used false numbers and statistic to sell the $100 million lie to the voters.

Is anyone actually surprised that our schools wont get the money they were promised?

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