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Gaming Commission Reduces Tax Rate On Casinos

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(credit: CBS)

(credit: CBS)

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DENVER (AP) – Colorado gaming regulators have rejected an appeal to reconsider cutting the tax rate on casinos by 5 percent.

Thet money otherwise would go toward community college scholarships, historic preservation and other state expenses.

The move will return millions of dollars in annual revenue to the industry.

The Colorado Limited Gaming Control Commission on Monday approved the rate reduction, which takes effect July 1, after the industry complained that it has suffered three consecutive years of net losses., according to the Denver Post.

The state Community College System and History Colorado estimate they may lose nearly $3 million a year in funding at a time when budgets are already tight.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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