Businessman: Timing Right for Arkansas Gambling Expansion

As reported by the Fort Smith Arkansas: "A Texas businessman pushing a new gambling amendment said Monday that the timing may be right for approval of a statewide lottery and casinos in Arkansas.

"The Legislature's endorsement last year of a proposed constitutional amendment that would legalize bingo for nonprofit groups and the voter-approved expansion of electronic gambling at racetracks in Hot Springs and West Memphis are good indicators that opposition to a gambling amendment may be fading, said Michael Wasserman of Gainesville, Texas.

"…Under Wasserman's proposal, which had its popular name and ballot title approved by the attorney general general's office in March, 100,000-square-foot casinos would be built and operated in Boone, Crittenden, Garland, Jefferson, Miller, Pulaski and Sebastian counties. The proposal also would create a statewide lottery.

"Wasserman said Monday that he expects each casino to generate about $250 million a year in net revenue.

"…The casinos would pay state and local taxes, and proceeds would allow the state to eliminate the state sales tax on groceries, Wasserman said…"

2006-06-08