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Posted: 3:56 PM Nov 9, 2008
Casinos Hope New Bet Limits Will Fix Their Slump
Colorado Casinos are coming off their worst economic year in the state's 17-year gambling history, but owners are hoping a voter-approved amendment will put them out of their slump by expanding the hours and games they offer.
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CRIPPLE CREEK, Colo. (AP) -- Colorado Casinos are coming off their worst economic year in the state's 17-year gambling history, but owners are hoping a voter-approved amendment will put them out of their slump by expanding the hours and games they offer.
With the passage of Amendment 50, Black Hawk, Cripple Creek and Central City will be able to hold their own elections on whether casinos can raise betting limits from $5 to $100, operate 24 hours a day, and add other games. Currently, casinos must be closed between 2 a.m. and 8 a.m.
Cripple Creek Mayor Dan Baader says the proposal's approval should raise property values, create jobs for the town and bring new investments.
78% of the new tax revenue from the casino towns will go to the state's community colleges.
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Information from: The Gazette, http://www.gazette.com
(Copyright 2008 by The Associated Press. All Rights Reserved.)
