City expects $3.45M to come from casino taxes - Toledo News Now, Breaking News, Weather, Sports, Toledo

City expects $3.45M to come from casino taxes

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TOLEDO, OH (Toledo News Now) – Hollywood Casino Toledo is cashing in. The Casino Control Commission released the numbers of how much the casino has raked in during its first month, numbers that also translate into money for the Glass City.

Since the casino opened at the end of May, people have been visiting with hopes of big payouts. Those people have made it possible for the casino to have an adjusted gross profit of more than $200 million in its first full month of operation, $200,444,071 to be exact. 

"They are doing better than what we projected, but we are wanting to be very conservative with our estimate of tax revenues. I'd rather be conservative than overzealous, and plan on more tax revenue coming in than what actually happens," said City Councilman George Sarantou.

The city of Toledo has budgeted $3.45 million to come from casino taxes this year.

"We get a portion of 5 percent of the total profits statewide from all the casinos. That's divided amongst the host cities. Now, we also get 50 percent of the Lucas County share because we're a host city," explained Deputy Mayor Steven Herwat.

Officials said they are not the betting type, but by the looks of it, they are right on track. The city's first check is for more than $530,000. When adding extra cash coming from more people visiting and more people working, it is doubling the odds for success.

"First of all, we have a diversified economy, diversified employment base. It's not just manufacturing in Toledo, it's also good, well-paying jobs with benefits at the casino, to the tune of about 1,300 jobs," said Sarantou.

Each of those employees pays a 2.25 percent tax to the city. Tack on taxes of winnings and Sarantou said it is abundantly adding to the general fund, which takes care of essentials for the taxpayer.

"Law enforcement, and fire protection, and street maintenance are absolute top priorities, as well as putting money in the rainy day fund," said Sarantou.

Copyright 2012 Toledo News Now. All rights reserved.

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