In the state of Nebraska, the three temporary casinos located in Lincoln, Fonner Park, and Columbus have continued to make significant contributions to the state’s revenue. In September, these casinos generated $1.58 million in tax revenue, marking a consistent increase from the previous months. The following article breaks down the key aspects of this development, providing insight into the state’s gaming industry, tax distribution, and future plans for permanent casino establishments.
The Three Temporary Casinos:
Nebraska currently hosts three temporary racetrack casinos: Grand Island Casino Resort in Grand Island, WarHorse Casino in Lincoln, and Harrah’s Columbus NE Racing & Casino. These establishments have been pivotal in contributing to the state’s revenue.
Tax Revenue Growth:
The casinos were taxed at a rate of 20% on their combined gross revenue of $7.91 million in September. This resulted in a notable increase in tax payments compared to the previous months. In August, tax revenue was $1.55 million, and in July, it was $1.54 million. The upward trend in tax revenue can be attributed to the rise in sports betting activities as the football season commenced and sportsbooks opened at the Grand Island and Lincoln casinos.
Impact on the State Budget:
In the first nine months of the year, these temporary casinos generated nearly $12.9 million in gaming tax revenue. This revenue is allocated to various beneficiaries, with 7% going to the state’s Property Tax Credit Cash Fund, 25% being divided among the cities and counties where the casinos are located, and the remaining 5% being allocated to the state’s general fund and the Compulsive Gamblers Assistance Fund.
Sports Betting Expansion:
Sports betting revenue at the racetrack casinos has seen consistent growth, especially with the commencement of the football season and the introduction of sportsbooks in some of these establishments. This development has added an exciting dimension to the gaming experience in Nebraska.
Upcoming Permanent Casino Establishments:
The future of Nebraska’s gaming industry looks promising, with plans for permanent casino establishments on the horizon. Grand Island’s permanent venue, set to open in 2025, will feature a 37,000-square-foot casino floor equipped with 650 slot machines, 20 table games, and a sportsbook. Similarly, the permanent WarHorse Casino in southwest Lincoln, expected to open in September 2023, will offer a 9,000-square-foot gaming floor with 445 slot machines, sportsbook kiosks, and simulcast and live racing. Caesars Entertainment is also in the pipeline to launch its permanent location in the spring of 2024.
Nebraska’s temporary casinos have proven to be a significant revenue source for the state, with consistent growth in tax revenue. The rise in sports betting activities and the imminent launch of permanent casino establishments are shaping the future of the state’s gaming industry. As these developments unfold, Nebraska’s economy and entertainment landscape are poised for further transformation.