Tax relief for Del. casinos gets final approval

(AP) – Senate lawmakers have given final approval to a tax cut for Delaware’s three casinos, which are struggling amid increased competition from neighboring states.

The legislation was approved 17-to-3 on Saturday and now goes to Democratic Gov. John Carney for his signature.

The bill cuts the state’s share of gross slot machine revenue from 43.5 percent to 42.5 percent, with additional reductions of 2 percent allowed if a casino’s capital expenditures equal or exceed 3% of its net slots proceeds.

The bill also cuts the state’s share of table game revenues from 29.4 percent to 15.5 percent and allows casinos to avoid the annual licensing fee by investing in their businesses.

The annual loss to the general fund is estimated at $11 million next year and about $17 million thereafter.