Missouri Chamber of Commerce Endorses Removal of Limit Loss

Missouri's biggest business group endorsed on July 28th, 2008 a November referendum to dismiss the state's gaming loss limit law. The proposal throws Missouri's $500 loss limit, which would allow the state to compete for customers with neighboring states. The Missouri Chamber of Commerce and Industry said that throwing its outdated law would help keep twelve thousand jobs and produce more than $100 million for new schools in the state.

Daniel Mehan, the chamber's president and Chief Executive Officer said that choosing yes is vital for their schools and the state's economy. The Schools First Initiative will help attract visitors to Missouri and keep jobs and profits in the state. The state gambling tax paid by casino facility currently produces $300 million annually in school funding. The ballot question would increase the tax to twenty-one percent, adding $105 million to the $130 million allotted annually to school funding.

Casinos are the 5th-biggest source revenue for Missouri and attract twenty-five million visitors yearly to the state. If the loss limit is not remove, the Missouri Gaming Commission predicts that Missouri casino will lose $180 million to $200 million annually in revenue to new casino facilities that are being constructed in Kansas. The Missouri Chamber of Commerce represents 3,000 employers.

Ameristar, which has a casino facility in St. Charles, donated $1.21 million to the anti-loss limit movement and Pinnacle, which owns Lumiere Place and President Casino in St. Louis, donated $1.19 million to the movement, according to a state filing on July 15th, 2008.

24 August 2008
News Submitted by:
Lauren Desmond

Related Articles