Colo. casino taxes continue downward trend

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Colorado’s mountain town casinos continue to see falling revenues.

The adjusted gross proceeds in Cripple Creek were down 5.3 percent during the past year.

Cripple Creek’s casino retail sales were down in June from the previous month, according to tax records released by the Colorado Limited Gaming Control Commission this week.

The total adjusted gross proceeds for June were down slightly to almost $11.3 million from more than $11.6 million in June of 2010. Proceeds were mostly level from May to June of this year, according to the state records.

“This is something that the casino industry has been trying to deal with for six years now,” Murphy said. “Revenues have been down for six years.”

It started with the smoking ban, he said,and has continued through the recession.

“A lot of this continued downward trend is to be blamed on the economy,” Murphy said.

Colorado’s gaming industry has been under fire recently as the Colorado Limited Gaming Control Commission approved a 5 percent tax break for the industry after hearing complaints of negative revenues. Because the tax revenue goes to community colleges and the communities most impacted by the gaming, new governor John Hickenlooper tried to get the commission to reconsider its decision.

With no progress there, Hickenlooper replaced all of five of the commission members earlier this month.