Gaming returns more than $106 million to state of Colorado

Limited stakes gaming in Black Hawk, Central City and Cripple Creek generated more than $106.3 million during fiscal year 2007, which ended June 30, for historic preservation and local governments.

The total was 6.2 percent higher than the slightly more than $100 million distributed by the Colorado Limited Gaming Control Commission during fiscal year 2006.

All gaming tax revenue, license and application fees paid by casinos and miscellaneous revenue are placed in the Limited Gaming Fund.

During FY 2007, casinos paid $112 million in gaming taxes on $798.9 million in adjusted gross proceeds, up from $106.1 million in gaming taxes on $765.4 million in AGP the previous year.

After the operating expenses of the commission and the Division of Gaming are paid, two months of administrative expenses are held in escrow at fiscal year-end. The distribution formula for the remaining money is as follows:

*50 percent to the General Fund

*28 percent to the State Historical Fund

*12 percent to Gilpin and Teller counties (in proportion to the gaming revenue generated in the respective counties)

*10 percent to Cripple Creek, Central City and Black Hawk (in proportion to the gaming revenue generated in the respective towns)

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