Hollywood Casino Toledo collects more than $20M
Gamblers dropped nearly $242 million into slot machines and onto game tables during Hollywood Casino Toledo’s one month and three days of operation. It pocketed some $22.8 million in adjusted gross profits that should translate into about $7.5 million in tax revenue for county, city, and school coffers.
Library levy OK'd for Nov[ember]
Of the 2.9-mill levy, two mills would be a renewal of the library’s existing levy; 0.9 mills is additional. The additional 0.9 mills would represent about $27 per year for the owner of a $100,000 home. The total 2.9 mills would cost that same homeowner about $88 annually.
The county’s Mental Health and Recovery Services Board, Children Services, and Imagination Station also could have levies on the ballot. Toledo Public Schools and the city’s parks and recreation programming will also seek levy support from voters.
-------------
Forget the number of levies, here's my (dead serious) question:
If the casino in its first month took in $7.5 million...and assuming that 2/3 of that revenue remains stable for the future (meaning around $5 million per month), that is $55-$60 million additional revenue to "county, city, and school coffers" per year. This revenue was not being generated before because the casino was not in existence.
So.....why should any of these library, services, Imagination Station, parks & recreation, and school levies be passed? Or even on the ballot? Why are we taking state loans to fix roads? Where is this additional money going?
Any answers?
My understanding is that Toledo and Lucas County will only get a portion of that. It says in the article
—$3.8 million divided among 88 counties based on population.
—$2.5 million to school districts statewide.
—$375,000 to Toledo as host city on top of its split of Lucas County’s share of the county fund.
—$225,000 to the Ohio State Racing Commission to enhance race purses.
—$225,000 to the Ohio Casino Control Commission to regulate the industry.
—$150,000 for problem gaming and substance abuse treatment.
—$150,000 to law enforcement training.
It will go to the "coffers" Coffer is defined as a "strongbox" or a "vault" Or perhaps a "rathole" Don't forget to tip your dealer.
Ah, now I see:
$3.8 million/88 = $43,181 per month ($518,000 per year)
$2.5 million/88 = $28,409 per month ($340,000 per year)
$375,000 per month (host city) = $4.5 million
So...about $5.3 million will stay local. That will still pay for a couple of those levies to disappear.
I know it's not equal, but if it were $3.8 million into 88 counties means $43k each...
There are about 600 publics school districts in Ohio...$2.5 million/600 = $4166...
I'm trying to figure out how $240 million went into the casino the first month, with $20 million in profit...
Does that mean it took $220 million to run the casino last month? Wow! How much do they pay their average employee?
Damn, you beat me to the math.
Sensor, wouldn't the winnings paid out also be part of the $220 million cost to run the casino in addition to the salaries?
(Note - I only skimmed the article, so I may have missed that detail?)
Duh...forgot about that. thanks
Along with supplier (vendor) costs for damn near everything (especially food), utilities, supplies, mortgage, all other taxes, etc. The list of business expenses is endless.
Still, a profit of roughly 9.5% ain't bad. Lots of businesses would like that kind of return.
So...about $5.3 million will stay local. That will still pay for a couple of those levies to disappear.
I think the story you'll get is something along the lines of, "We'd have to ask for a lot more, but since we're getting a share of the casino money we only need a little more. Just a few dollars, and it's for the children.
I remember when Davis-Besse was proposed and a lot of people were sold on the idea of all this incredibly cheap electricity. Then the damned place went up and reality set it - no cheap electricity. In fact, electric rates went up instead of down.
Now that the casino is built, people are thinking wrong thoughts again. Taxpayers are thinking that maybe taxes will go down because of the influx of money from the casino, when taxes are just not going up as much as they would have.
Still, I'm planning to vote against any and all tax levies, with the exception of mental health and the zoo.
Toledoans, Please, pass all of the 5 levies.
Your politicians know a whole lot more than you do about handling your own hard earned money.
If you don't believe me, ask one of them...
July 11, 2012 Blade story
Now comes the real payout time from the winnings at Hollywood Casino Toledo.
Among those "winners" was the city of Toledo, which will receive $531,617 -- putting the city on track to at least meet its budget projection for the year of $3.4 million total in casino money.
Of the city of Toledo's total of $531,617 from these disbursements, it receives $339,575 as the host city for the casino and $192,042 as its guaranteed 50 percent share of Lucas County's take.
Toledo voters will see seven tax levies on this November's ballot. Five are county-wide levies. Since the casino is thriving, that's a reason to vote NO on all of these tax levies. Let these orgs fight for casino money. These orgs can make their pitches to whoever in the city or county is holding the casino payouts.
I'm sure Toledo government and Lucas County government love their communities so much that they would be happy to use casino money to hep fund the zoo, the schools, the science daycare center, the library, city parks, county parks, etc. If local government does not share the casino winnings with these orgs, then local government must hate this area.
...then local government must hate this area.
If you simply look around, you might get that idea anyway (regardless of casino disbursements).