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Colorado Gambling Windfall Reaches $684 Million

DENVER, Colorado – As reported by the Associated Press: "Gamblers who have tried their luck at Colorado casinos since they opened in 1991 have wagered $88.3 billion in an industry that has proven to be a $684 million windfall for Colorado.

"That money - from the $5.4 billion in losses by gamblers - has been used for everything from highways and historical projects to tourism and the general fund.

"In fact, the historic-preservation program in Colorado could be the richest in the nation because of the gambling in Central City, Cripple Creek and Black Hawk.

"`There is so much money that I don't think anybody can comprehend,' said Bruce Schmalz, a former Central City mayor who was among the early leaders supporting gambling.

"…Colorado taxes casinos at the rate of one-quarter percent on up to $2 million in adjusted gross proceeds, with that gradually increasing up to 20 percent on AGP above $15 million. Adjusted Gross Proceeds is what the casino has left after collecting the gamblers' losses and paying out their winnings…"

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