Casino legislation in Vermont has been on the agenda for a long time but for one reason or another, state authorities were reluctant to take any immediate actions towards enabling local residents to freely use certain gambling options.
However, the Republican Ronald Hubert has recently introduced a legislation bill aimed at convincing state authorities to allow the establishment of a casino venue in Vermont.
Hubert proposed that the generated revenue might be used for helping senior citizens.
As a matter of fact, Hubert is among the greatest proponents of the opening the local gambling market. He has been proposing similar bills for six years in a row. As mentioned above, state regulators were not willing to consider the gambling sector as a source of decent income but now things are slightly different.
There is a chance for Hubert’s proposal to pass since the fiscal year 2016 is believed to be a critical one. There is not much hope for filling the huge financial gap, unless gambling activities are legalized and the revenues generated are properly used.
Hubert supported his standpoint with convincing arguments. He gave as an example the states that have already legalized gambling and said that they can take pride in having relatively well-developed gambling sectors, which contribute to states’ coffers.
He also added that currently, Vermont needs taxes more than ever and the money that is to be paid off by casino investors would be extremely useful. What is more, he even estimated that up to $15 million could be generated annually.
The legislation bill, which is supported by the majority of Republicans, will most probably need the approval of the Vermont Lottery Commission. Gambling regulators will be requested to issue a license that is to be valid for six years.
The investor who is given a permission for building a casino will be supposed to pay the sum of $6 million in order to obtain the license.
Vermont gaming officials will be given the freedom to set the rules, which the future casino owners will have to follow. They will also make a selection of the applicants they consider to be suitable for such an important casino project.
The bill proposed by Hubert also includes a special clause. The application fee was proposed to be $100,000 and the sum is not to be refunded to the applicants.
Apart from that, a tax on the gross revenues will also be established.
What made Hubert so passionate and convinced in the success of his proposal was the fact that he considered most Vermont residents to be keen on having the opportunity to freely place their bets instead of going to other states.
In addition to the taxes applicable to gaming activities and facilities, more money will be generated from food and beverage services as well as the hotel accommodation available.
Hubert proposed the money generated to be distributed among the elderly Vermont residents who are given property tax breaks depending on their income.
Although the Republican hopes for attracting even more supporters, it seems like the Governor of Vermont, Peter Shumlin, is totally against such a move. Actually, his representative said that gambling legislation is not likely to pass until Shumlin is in charge of the state.
