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With more than 400 casino workers at DiamondJacks terminated, Louisiana’s gaming industry is already looking at a workforce reduction of nearly 2,000 positions. Though jobs are being slashed, not all state lawmakers are on board with SB5.<\/span><\/p>\n<\/div>\nSen. Karen Carter Peterson (D-New Orleans) \u2014 <\/em>who has struggled with her own gambling addictions in the past \u2014 <\/em>expressed concerns during the bill’s consideration in the Senate Revenue and Fiscal Affairs Committee. She opined that allowing casinos to lure players with promotional credits they won’t have to pay tax on is a risky solution.<\/p>\n“Everybody in here [Senate committee], whether you’re on the committee or in the audience, knows someone who has ruined their family, who has spent all of their retirement money because of gambling,” she declared. “We can\u2019t ignore it.”<\/p>\n
Tax Savings<\/b><\/h2>\n
Despite Peterson’s apprehensions, SB5 passed the Senate 26-8 yesterday. She was one of the nay votes.<\/p>\n
A fiscal analysis of the legislation suggests Louisiana casinos would save nearly $83 million in taxes over a five-year period. The Legislative Fiscal Office says the casinos would save $11.2 million during the 2020-21 fiscal year, $16.2 million in 2021-22, $18.3 million in 2022-23, and $18.6 million in each of the next two years.<\/strong><\/p>\nIn 2019, promotional play wagers represented approximately 10 percent of Louisiana casino GGR. When proceeds from the state lottery are included, Louisiana’s gaming industry delivers the state more tax money than even its oil and gas industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
Legislation in Louisiana that would provide tax breaks for the state’s 15 commercial casinos has passed the state Senate chamber. Senate Bill 5, introduced by Sen. Ronnie Johns (R-Lake Charles), would allow casinos to issue up to $5 million annually in tax-free promotional play credits. Any money the casino won from the free marketing money […]<\/p>\n","protected":false},"author":25,"featured_media":139213,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,13],"tags":[],"acf":[],"yoast_head":"\n
Louisiana Casino Relief Bill Passes Senate, Would Save Operators $83M<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n