Posted: | May 2, 2017 04:25 PM |
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From: | Senator Lawrence M. Farnese, Jr. |
To: | All Senate members |
Subject: | Gaming Revenue Alternative for FY16-17 |
In the near future, I plan to introduce legislation that provides for an alternative method to fill the $100M gaming revenue assumption from the FY 16-17 General Fund budget. First, my legislation would impose an assessment of $5,000 on each slot machine in play as of February 28, 2017. This assessment would be limited to 25% of the total slot machines authorized for play under Title 4, which would equal 1,250 machines for Categories 1 and 2 casinos and 150 machines for Category 3 casinos. This assessment would generate about $64 Million. As consideration for this slot machine assessment, my legislation would also provide that the assessment would be returned in full to each casino, if any of the following occur:
Second, my legislation would accelerate repayment of the loan currently being repaid by casinos under the Fiscal Code. The loan would be paid in full by June 30, 2016, which would generate $30.2 million. Third, my proposal would authorize the PGCB to waive the patron of amenities requirement for Category 3 casinos for a fee of $1.5 million per casino. Finally, my legislation would suspend the PGCB’s law enforcement grant program for FY 16-17, generating $2 million. Please join me in co-sponsoring this legislation. If you have any questions, please contact Sally Keaveney at (717) 787-5662. |