Senate Bill 306-FN the math works but the policy does not.
An example: On November 7-13 the Foxwoods Resort and Casino hosted the World Poker Tour with a Texas Holdem no-limit tournament. The buy-in was $9700.00+$300.00 and there were 575 players at this event.
Consider what would have happened if Senate Bill 306 had been passed into state law and there were a casino in Berlin which hosted an event similar if not exactly like this WPT event. Here is the analysis and what this tournament would have meant for the State of New Hampshire.
- 575 players @ $10,000.00 per player. $5,750,000.00
- 47% House Rake (fees to Berlin Casino). $2,702,500.00
- State of New Hampshire fee 9% $ 243,225.00
- 6.75% Room and Meals Tax from 575 players$ 16,495.32 spend and avg. of $425.00 for this event.
- Total Revenues to New Hampshire $ 259,720.32
SB 306 Fiscal Note
- 1200 Video Lottery Machines (VLM) $296.00 a day at 360 days a year. $127,872,000
- State of New Hampshire 25% fee source: $ 31,968,000 public hearing SB 306.
- VLM License Fees $ 1,000,000
- Total Revenues to New Hampshire $160,840,000
Other Financial Considerations
Testimony at the hearing for Senate Bill 306-FN stated that the State of New Hampshire could charge between 20-40 million dollars for the 30 year license granted to the casino operator in Berlin, New Hampshire.
The Casino operator would pay property taxes to the City of Berlin, create employment with benefits and assist in needed regional economic development and taxbase expansion.
Please contact Senate President Sylvia Larsen at (603)-271-2111 and ask her office to remove Senate Bill 306-FN from the table and offer a motion: Ought to Pass.