124th MAINE LEGISLATURE
		LD 1808		LR 2625(05)
	An Act To Allow a Casino in Oxford County
	Fiscal Note for House Amendment "   " to Committee Amendment "A"
	Sponsor: Rep. Valentino of Saco
	Fiscal Note Required: Yes
Fiscal Note
Potential current biennium revenue increase - General Fund Potential current biennium revenue decrease - General Fund Potential current biennium revenue increase - Other Special Revenue Funds Potential current biennium revenue decrease - Other Special Revenue Funds
Fiscal Detail and Notes
	The impact of this bill as amended is contingent on approval by the voters as a competing measure to the initiated bill at the referendum in November of 2010.
	This amendment removes the Oxford County casino, table games at the existing Bangor facility, and the tribal commercial track and casino in Washington County.  It provides for up to 3 casinos to be selected through a competitive bidding process and managed by the Gambling Control Board.  Additionally, the Board may enter into a contract with the existing Bangor facility to operate a casino at that location.  Each bid must include municipal approval and a profit sharing formula describing how revenues shall be divided between the State and the operator.
	Presented below is an estimate of the amount of revenue that might be realized from these casinos assuming a total of 2,000 additional slot machines, 84 total table games at the three casinos, and 54 table games at the Bangor facility.  When the locations of the three casinos are ultimately decided the revenue shown below could be reduced by the percentage of market share the casinos take away from each other through competition.
						Annual
	Summary of Potential  Revenue					Estimate
	Gross Slot and Table Game  Income					$1,698,693,334
	Player Payback  (assumed at 91.55% of gross income)					$1,555,153,747
	Net Slot and Table Game Income - Casinos					$125,840,000
	Net Table Game Income - Bangor					$17,699,587
	Privilege Fee - First Year Only - General Fund					$18,000,000
	The State's share of profits from Bangor table games would be deposited to the General Fund.  The State's share of profits from the three casinos would be deposited in equal proportions to 3 Other Special Revenue Funds accounts.  The State's share of profits would only be determined once the bids are received and the contracts are negotiated.  As an example, if the profit sharing percent was 35%, the amounts distributed would be as follows:
	General Fund					$6,194,855
	Other Special Revenue Funds:
	*   General Purpose Aid to Education Fund					$14,681,333
	*   Veterans Tax Exemption Reimbursement Fund					$14,681,333
	*   Homestead Exemption Reimbursement Fund					$14,681,333