Lawyer Says Rocky Gap Needs Lower Tax On 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.
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