The property owned by Penn, in Columbus, is a vacant tool manufacturing building. I think they are going to use some of the structure into the new casino. The casino was voted down in Franklin County, but not by a landslide. It will be located in an upscale portion of the city, Close to the Bluejacket Hockey arena, and a newly opened baseball field, which currently is home of the Cleveland Indians farm team. Plus numerous restaurants and bars. In pictures provided by the news, it does look like a couple of backhoes on the property. Maybe doing some preliminary scratching around. The local paper, The Dispatch, has been very negative on the casino. Hammering it almost daily in the editorials. Its gotten to the point that some of the people in the majority ney voting counties feel that if it didn't pass the county, don't build it here. My feelings are fine. But they should forfiet all monies as well. They just seem to forget that this is a state issue, not by county.
The tracks still want a piece of this and the republicans want taxes for the state increased to 50% from 33%. So a deal must be make between the casinos, state and tracks, could take three years.
Actually, 33% is about the median tax rate. Most states have a tiered tax system...one rate for Slots and another rate for Table Games. Slot rates are higher (usually around 50%) because there is a smaller labor cost. Table games rates are lower (between 12% and 20%) because the games are more labor intensive. Pennsylvania's tax rate is 55%, but they have no table games. Table games will be coming as soon as the details are worked out, and they are discussing the lower rate for them (probably around 18%).
Keep in mind that these taxes are "off the top." Take slots, for example. For every $1 wagerered, approximately $0.90 is returned to the player. From that remaining $0.10, the taxing jurisdiction receives its cut (in Ohio, that would by 3 1/3 cents). From the remaining 6 2/3 cents, the facility must pay for all of its operating costs, labor, debt payments, etc. PLUS...the facility must also file and pay the normal income and business taxes.
The folks in Columbus are looking at a gift horse in the mouth. They should be grateful the Ohio votes woke up and smelled the coffee!
The governor wants more taxes for the state and larger license fee they want and amendment to the Constitution for May ballot 2010 This will be in Court for Years! In The Dispatch today (columbus) Now that it passes the state wants to run it and they want there share of the Taxes. You watch three years max, just like Pa.,,,, before they open anything!
All Strickland could do was sit on his hands during the whole campaign leading up to this vote. Too risky to speak out against Issue 3 and then have it pass. You think he's going to put in his superhero cape and boots and tie this in knots while his state's economy is hemorrhaging jobs and revenue? Not likely.