Colorado Casinos Get Tax Break
DENVER (AP) - Many of Colorado's casinos are avoiding hundreds of thousands of dollars in annual taxes through a loophole in the state's gaming regulations.
Under Colorado law, casino operators can get up to three retailer licenses even if the casinos are housed at one location and marketed under one name.
According to the Denver Post, holding multiple licenses reduces a company's tax burden because of the state's graduated tax structure, which charges casinos with smaller revenues at a significantly lower rate than bigger operations.
Last week, Gov. John Hickenlooper asked for the resignation of three members of the state's gaming commission, citing their decision to give casinos another tax break.
Hickenlooper said the gaming industry is profitable and casinos are making multimillion dollar investments.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
