I have authored a bill to provide our state with more revenue, create jobs and make up for inaccurate projections regarding Vikings stadium funding along the way.
My legislation would allow slot machines at both of our state’s horse tracks, Running Aces in Columbus and Canterbury Park in Shakopee. A statewide poll conducted in November 2010 showed racino implementation was the most popular gaming option to help balance the state budget.
Democrats in St. Paul propose raising taxes by approximately $2 billion to pay for extra spending. Electronic pulltabs are failing miserably as a funding source for the Vikings stadium. In both cases, the state is looking for money. My plan would provide it on a volunteer basis.
I had serious doubts e-pulltabs would generate enough revenue to support the stadium project and that is proving to be the case. There were no successful models to follow. The only place e-pulltabs have been tried is Iowa and it flopped. In Minnesota, e-pulltabs are approximately 95 percent short of projections we received during the stadium push.
Conversely, successful racinos operate throughout the country, giving us a real basis for projections. Previous estimates have said slots at Minnesota tracks would generate $150 million per year in Minnesota and create another $400 million in economic impact for the state.
My bill takes a conservative approach and uses a $100 million estimate. Even if just one horse track implements slot machines, that is $50 million to the General Fund. That more than compensates for the hole left by the e-pulltab debacle and also mitigates the Democrats’ call for tax increases.
I have authored racino bills a number of times. Last year was the closest we have come to passage. It was the right thing to do then and it remains viable today as a proven revenue alternative, bolstering the General Fund without tax increases or underperforming e-pulltabs.
House Democrats should be receptive to my proposal. Racino revenue would make their job easier as they set the state budget for the next biennium. I encourage them to take their time and be open to ideas like mine as a viable, popular alternative to tax increases in their goal of obtaining additional state revenue.
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