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Gambling Revenue in Conneticutt on the Rise11 March 2001HARTFORD, Conneticut – March 11, 2001 – As reported by the Associated Press: "Gambling in Connecticut now generates the third largest source of state revenue, outpacing corporate income tax revenue. "Money raised from legalized gambling totals $595 million. Revenue from the corporate income tax, which has declined as a portion of corporate income, is $580 million. "…Most of the gambling revenue is from two sources: $253.7 million from the state lottery and $335 million from Mohegan Sun and Foxwoods. "The tribes give the state 25 percent of slot machine revenue. "Part of the reason corporate income revenue has declined is because the rate has been reduced from 11.5 percent of income in 1995 to 7.5 percent last year. "In addition, gambling revenue could increase significantly this fall when Mohegan Sun doubles the number of its slot machines, from 3,000 to 6,000, as part of a $960 million expansion…" |