- Associated Press - Monday, September 22, 2014

ST. PAUL, Minn. (AP) - Charitable gaming is expected to generate more than 25 percent of the revenue the state needs to pay for its share of the new Vikings stadium even though electronic pulltabs haven’t been the boon Minnesota was anticipating.

The state projects nearly $8 million a year in charitable game taxes can be used to help pay off the stadium bonds, according to figures provided to the St. Paul Pioneer Press (https://bit.ly/1siabRk ) by Minnesota Management and Budget. That’s $241 million over 30 years, or about 27 percent of the total $881 million debt service.

The newspaper requested the date in February and received it last week. It showed that most of the rest of the money to pay off the bonds will come from corporate tax revenue ($640 million) and Minneapolis sales tax revenue ($715 million).

Before they flopped, electronic pulltabs were touted as a way to increase charitable gaming and create enough revenue to pay the state’s entire $348 million piece of the $1 billion stadium. Electronic pulltabs are growing, with receipts up 31 percent from last year to this year, but they still represent less than 2 percent of total charitable gaming receipts.

Gross receipts from all forms of charitable gaming that provide tax revenue for the stadium have grown 6 percent in the past year, led by growth in paper pulltabs, which account for 90 percent of total charitable gaming receipts and are more popular than ever.

All told, the state is raising $1.6 billion in general fund revenues to cover $881.8 million in debt service for the stadium.

Part of the remaining $692 million will be spent on other expenses related to the stadium deal and the rest is to provide a cushion in case numbers change.

___

Information from: St. Paul Pioneer Press, https://www.twincities.com


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide