VOTE FOR YOUR FAVORITE MANIC MONDAY MELTDOWN Watch WJZ-TV On Monday, Nov. 24 For The Mammoth Manic Monday Meltdown 2014 Starting At 5 a.m.

Local

Lawyer Says Rocky Gap Needs Lower Tax On Slots

View Comments
slots

CUMBERLAND, Md. (AP) — The head of a law firm representing bondholders at Rocky Gap Lodge says a lower tax rate on slot machine proceeds is needed to spark greater interest in attracting a bidder.

Casper Taylor Jr. says a state panel proposed changes this week that help sweeten the deal. But he says dropping the tax rate to about 50 percent, instead of 64.5 percent, would be a much stronger motivator.

The state’s slot commission has recommended waiving a $3 million licensing fee. It also favors allowing a current slots operator in the state to hold a second license if it is for Rocky Gap. It also would allow an operator to apply the cost of buying the resort to a capital investment requirement of $25 million for every 500 machines.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 3,404 other followers