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Colorado Casinos Debate Numbers

COLORADO – As reported by the Denver Post: "The proposed Indian casino east of Denver would generate more tax revenue than all 45 casinos in Colorado combined, with only one-third of the slot machines, according to a proposal casino supporters have sent to Gov. Bill Owens.

"The promise of $1 billion in casino taxes in its first decade has existing casino operators scoffing. They also say that any tax dollar gleaned from a new casino on the Front Range would be a tax dollar lost at their casinos in Cripple Creek, Central City and Black Hawk.

"…The Cheyenne and Arapaho tribes of Oklahoma say their proposed casino, with 4,500 limited-stakes slot machines on a 500-acre site east of Denver, would generate $500 million a year and deliver the state $100 million in tax revenue a year. The proposal suggests a tax rate of 21 percent on gross revenue as an enticement for Owens.

"…Colorado's 45 casinos generated $707.23 million in revenue in 2003 and contributed $97.45 million in gaming taxes.

"…Steve Hillard, founder of the Golden-based investment firm promoting the proposed casino, said the casino would have the same limited-stakes yoke as existing casinos in Colorado. Even with bets capped at $5, the casino would generate $5 billion in gross revenues in its first decade. And that's a conservative estimate, Hillard said.

"…Representatives of existing casinos in Colorado scoff at Hillard's math…"

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