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How Profitable is Legalized Gambling for States? Just Ask Pennsylvania

Did you know that Pennsylvania collected more in taxes from commercial casino gambling than any other state, including gambling heavyweight Nevada, The Allentown Call newspaper reported.

Pennsylvania’s tax revenue from commercial casinos approached $1.1 billion in the fiscal year that ended June 30, The Morning Call of Allentown reported Monday.

Indiana was second with $878 million and Nevada third with $831 million.

Third? What’s going on here?

Well, now you know why cash-starved states are getting into the gambling business.

Pennsylvania has 9 casinos operating, but its 55 percent tax rate on slot machine gambling more than makes up for it.

Nevada takes 8 percent from its 260 casinos.

Pennsylvania’s casinos began offering table games this month. Those games are being taxed at a rate of 16 percent and are projected to bring the state $320 million more per year.

Looks like Ed Rendell (Gov.) knows what he is doing.

Sometimes.

Slot machine revenue has helped lower real estate taxes and helped prop up the state’s horse racing industry.

Its also helping pay for large civic projects like the expansion of the Pennsylvania Convention Center in Philadelphia and grants for volunteer fire companies.

So now we keep an eye out on Mass., the next state to go this route.

Interesting, huh?