Proposed Details On Arkansas Casino Gambling Bill Made Public
Arkansas does not have a legalized casino industry but that could very well change as legislators are looking at introducing a new bill that would allow casino gambling to take place. Currently, Arkansas only permits horse and dog racing.
Now for the first time in 18 years, residents will vote on a proposed amendment that would allow casino gambling throughout the state.
The legalization of gambling in the state is expected to bring in a significant amount of revenue in the form of gaming licenses, gambling taxes, employment opportunities and a boost to local tourism.
If voters approve the constitutional amendment, changes will take effect on Nov 14.
KARK 4 News
The Arkansas Casino Gambling Amendment of 2018 would impose a 13 per cent tax levy on the first $150 million of an operator’s net casino gambling receipts. Receipts of more than $150,000,001 will be levied a 20 per cent tax.
State general revenue would also get a 55 per cent share of the net casino gambling tax receipts – the Racing Commission gets 17.5 per cent for live racing fund, while 8 per cent goes to the county where the casino is located. If the casino is located in a city, that city will get 19.5 per cent of the gambling tax receipts.
Arkansas Racing Commission to Oversee Casinos
Casino licenses would come under the remit of the Arkansas Racing Commission. The body would begin to perform its duties and implement rules no later than 120 days following Nov 14 when the new laws come into effect. Operators may submit their license applications by June 1, 2019. The proposed amendment would also not allow any individual, partnership or corporation to hold multiple licenses.
Under the new regulations, the General Assembly would be required to enact relevant laws and allocate enough money so that the Racing Commission could fulfil its duties. The new legislation should take effect by June 30 of 2019.
The commission must also provide at least $200,000 to treat compulsive gambling disorder, as well as initiate educational programs to deal with the issue which will be handled by the Department of Human Services.