HOT SPRINGS, Ark. (AP) A Hot Springs official is proposing to finance the
city’s unfunded debt with additional tax revenue expected following last year’s passage of a casino gaming amendment.
Oaklawn Racing Casino Resort in Hot Springs was included in the legalization of casinos in four counties. Oaklawn began live games April 1st.
The city will receive 19.5 percent of the 13 percent tax applied to the first $150 million of yearly net gaming revenues and a 20 percent tax on net receipts exceeding $150 million. The city projects a 69 percent jump from the $2.16 million received from last year’s 1.5 percent tax on the resort.
The Sentinel-Record reports that City Manager Bill Burrough recommended
Tuesday to Hot Spring’s Board of Directors to place additional gains in a
restricted fund.
The revised tax takes effect July 1st.
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