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?