In This Issue:
- DOLLARS IN, DOLLARS OUT: DOES IT MAKE “CENTS” FOR TENNESSEE TO FURTHER LEGALIZE GAMBLING IN THE STATE?
Uniquely situated in the mid-south, the state of Tennessee and its “three grand divisions,” or regions, each have their own tourist attractions and destinations. East Tennessee has the Great Smoky Mountains along with attractions such as Dollywood in Pigeon Forge and the quaint town of Gatlinburg nestled in the heart of the mountains. Middle Tennessee has Nashville, known as Music City USA, with the Country Music Hall of Fame, The Grand Ole Opry, Ryman Auditorium, Music Row, and the famed honky-tonks on Broadway. West Tennessee and Memphis are home to the blues, barbeque, Beale Street, Elvis, and Graceland. While all of these attractions bring tourists and their dollars into the state, is Tennessee losing a stream of revenue from tourists and, in particular, Tennessee residents, who are leaving the state’s borders in order to gamble in casinos? The answer to this question is a resounding “YES”!
- MICHIGAN GAMING REVENUES SLIGHTLY DECREASE IN 2012: MICHIGAN GAMING CONTROL BOARD RELEASES CALENDAR YEAR 2012 AND DECEMBER 2012 REVENUE DATA:
The Michigan Gaming Control Board (“MGCB”) released both the December 2012 and the 2012 annual revenue and wagering tax data for the three Detroit, Michigan, commercial casinos. The aggregate annual revenue for the three Detroit casinos decreased by 0.5% in 2012 relative to 2011. The slight decrease for 2012 bucks a trend of upward revenues in the prior two years: 2011 revenue figures showed a 3.4% increase over those in 2010; and 2010 revenues in turn showed a 2.4% increase over those in 2009...
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Topics: Casinos, Gambling, Gaming Commissions, Gaming Control Boards, Gaming Revenues, MGM
Published In: Art, Entertainment & Sports Updates, General Business Updates, Finance & Banking Updates, Tax Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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