| 124th MAINE LEGISLATURE | ||||||
| LD 1808 | LR 2625(01) | |||||
| An Act To Allow a Casino in Oxford County | ||||||
| Fiscal Note for Initiated Bill | ||||||
| Committee: Legal and Veterans Affairs | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| Contingent future biennium cost increase - General Fund Contingent future biennium cost increase - Other Special Revenue Funds Contingent current biennium revenue increase - General Fund Contingent current biennium revenue increase - Other Special Revenue Funds |
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| Fiscal Detail and Notes | ||||||
| If enacted, this legislation is contingent upon approval of the voters of the local governmental body where the casino is proposed. Presented below is an estimate of the potential revenues that may be generated from a casino in Oxford County and the subsequent distribution of those revenues. This estimate assumes the facility would operate 1,000 slot machines and 54 table games and indicates a potential annual distribution of revenues of $2,123,550 to the State's General Fund and $25,765,740 to Other Special Revenue Funds. The General Fund would also receive license fees of $649,900 in the first year and $274,650 for license renewals in subsequent years. Annual state costs associated with Inspectors, a State Police Detective, a Clerk IV and related costs are estimated to be $1,165,178. The timing of these impacts will depend on the timing of the local vote and the amount of time needed for construction and opening a new facility. | ||||||
| This analysis assumes no significant effect on revenue generated at the licensed racino facility in Bangor. That effect may depend on the location of the new casino. If there is an appreciable reduction in racino revenue, there will be a reduction in the amounts of revenue distributed from that facility. | ||||||
| Annual | ||||||
| Summary of Casino Revenue | Estimate | |||||
| Gross Slot Income (total value of money, tokens, credits, other value used to play a slot machine) | $653,400,000 | |||||
| Player Payback - Slot Income (assumed at 91.55% of gross income) | $598,187,700 | |||||
| Gross Table Game Income (total value of money, tokens, credits, other value used to play a table game) | $184,292,308 | |||||
| Player Payback -Table Game Income (assumed at 91.55% of gross income) | $168,719,608 | |||||
| Net Slot Income (gross slot income - player payback) | $55,212,300 | |||||
| Net Table Game Income (gross table game income - player payback) | $15,572,700 | |||||
| State Share of Net Income (46% of net slot income and 16% of net table game income) | $27,889,290 | |||||
| Operator Share of Net Income (54% of net slot income and 84% of net table game income) | $42,895,710 | |||||
| Annual | ||||||
| State Revenues by Fund | Estimate | |||||
| General Fund | ||||||
| Administration (3% of net slot income and 3% of net table game income) | $2,123,550 | |||||
| Total General Fund Distribution | $2,123,550 | |||||
| Other Special Revenue Funds | ||||||
| K-12 Essential Programs and Services | $15,360,345 | |||||
| Maine's Penobscot and Passamaquoddy Indian Tribes | $2,208,492 | |||||
| University of Maine System Scholarship Fund | $2,208,492 | |||||
| Agricultural Fair Support Fund | $552,123 | |||||
| Municipality in which casino is located | $1,415,700 | |||||
| Maine Community College System Scholarship Programs | $1,656,369 | |||||
| Fund to Supplement Harness Racing Purses | $552,123 | |||||
| Sire Stakes Fund | $552,123 | |||||
| County in which casino is located | $707,850 | |||||
| Maine Dairy Farm Stabilization Fund | $552,123 | |||||
| Total Other Special Revenue Funds Distribution | $25,765,740 | |||||
| Other Revenue Impacts to the State | ||||||
| License fees to the General Fund - 1st Year | $649,900 | |||||
| License renewal fees to the General Fund - After 1st Year | $274,650 | |||||
| Summary of Expenditure Impacts to the State | ||||||
| General Fund | ||||||
| - Public Safety | $1,165,178 | |||||