The gambling business in Colorado is booming, as it is in other places. The more than twenty casinos earned more than $765.4 million in adjusted gross proceeds for the first six months of 2006. Adjusted gross proceeds are calculated by subtracting player winnings from total revenues. Colorado law requires that UK casinos pay state taxes. This accounted for $106.1 million in tax revenues for the state for the first two quarters of 2006. The Colorado casinos are located in the mountain towns of Black Hawk, Cripple Creek and Central City. There are also two Indian casinos in Ignacio and Towacbut.
The laws allowing free bingo gaming is Colorado is not as permissive as they are in other states. Casino hours of operations are restricted to 8am to 2am. The bet limit is five dollars and cannot go higher. It is the only state with rules like this. Gambling is limited to slot machines and various kinds of electronic UK gambling games, like video poker, blackjack, etc. They are currently trying to raise the betting limit from five dollars in order to attract more out of state gamblers.
As in Arizona and other states, the tax proceeds from gambling are put to good use. Colorado uses the revenues for allocations to cities and counties where gambling takes place and for historical preservation grants. These funds have been used to fund many community projects like fixing the City Auditorium and funds to the Carnegie Library Building. Like other states, gambling revenues earned in Colorado are directed back into the community. |
