Pure Vapor

Ted “Mini-Governor” Mondale wants you, the voter, to believe that 4-2=6.

Metropolitan Sports Facility Chairman Ted Mondale said the electronic pull-tab financing mechanism for the state’s $400 million share is solid, despite questions about gambling revenue projections and the bonds the state intends to sell. Mondale also seemed to be hinting that he’s not worried about charitable gambling operators’ complaints about their taxes:

“As it relates to the revenue estimates. We believe that the total pot in the first year will be $72 million. There will be a final negotiation when the bill goes through with the bars and the restaurants, but we think their revenue almost doubles.

That’d be amazing!

Of course, it’d involve gaming revenues taking a huge U-turn from their past ten years’ performance.  Gary Gross at the Examiner unpacks reality (I’ll add some emphasis):

According to this pdf report, the trend continues. In FY2002, gross receipts were $1,435,426,000. That figure had dropped 31% to $989,906,000 in FY2011. To be fair, that represented a 1% increase in receipts from 2010.

That said, that’s the only increase in gross receipts during the FY2002-FY2011 decade:

FY2010 gross receipts dropped 5%.

FY2009 gross receipts dropped 9.6%.

FY2008 gross receipts dropped 9.8%.

FY2007 gross receipts dropped 3.3%.

FY2006 gross receipts dropped by 4.8%.

FY2005 gross receipts dropped by 3.1%.

FY2004 gross receipts dropped by $100,000. That was listed as breaking even.

FY2003 gross receipts dropped by 1.2%.

FY2002 gross receipts dropped by .1%.

When you factor in the fact that only 4% of all receipts get to charities, there isn’t nearly enough revenue to pay off the state’s share of $398,000,000.

Mondale is saying that charitable gaming will not just turn around a constant bleeding away of receipts, but double.

This is more Democrat economics in action.

As we pointed out this morning, the Minneapolis “contribution” is wobbly as well.

DFL economics; based on phantom revenue growth and nonexistant consensus!

And 43% of this state voted for Mark Dayton exactly why?

9 thoughts on “Pure Vapor

  1. All they ever needed was a story, Mitch. They want to get it passed quickly so no one actually looks at the numbers.

    “Pure vapor,” you say? Yep. Methane is a vapor.

  2. When you have a problem, tap gambling. It’s a valuable lesson for the youth of America to learn.

  3. When I was much younger I worked construction for a summer season.
    Every morning I’d meet the other guys in the crew and we’d all pile in a truck and head into St. Paul from way up on Lexington.
    One of the guys knew where Ted Mondale lived. Mondale was then attending Law School someplace in the Twin Cities. His dad had bought him a fancy house on a lake to live in while toiling away at his studies. It wasn’t far off the road so when we were in the neighborhood we’d drive by his place and throw all the trash we could find in the truck out the window.
    These should have been typical DFL voters — young workers without a college ed. They despised Ted Mondale. The general feeling seemed to be that he shared their aspirations and sympathized with them about as much as the rich guy who layed them off from their last job.

  4. Yes, with gas pushing $4 a gallon, I’m going to rush right out to my local bar, plunk down $4 for a heavily taxed beer and pump money into state-run slot machines. It’s a fool proof business model.

  5. This is reminiscent of the E*Trade ad where the guy bought scratch off tickets in an effort to fund his retirement. When he didn’t win, the baby says “This is my shocked face” as he contorts his face.

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