You take $98.2 million, ...... give us back $2.4 million

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You take $98.2 million, ...... give us back $2.4 million

Post by SamCogar on Sun Apr 03, 2011 3:40 am

Since 1994, when video lottery machines made their first (legal) appearance in the state, the Lottery has paid more than $1.02 billion (that's billion with a B) to support thoroughbred and greyhound racing at the four racetracks, with purse and breeder development funds.

Take a look at fiscal 2010: State law spells out how the Lottery is to distribute a total of $194.67 million of lottery profits. That includes about $4.8 million a year for maintenance and repairs to the Capitol, about $9.5 million for Tourism promotions, $2.58 million to the Development Office to pay off bonds used to help pay for construction of things such as the Clay Center, Power Park, and the Cabela's complex in Wheeling, and $11 million a year to pay down old Workers' Compensation claims, etc.

However, of the $194.67 million, more than half -- $98.2 million -- went to subsidize the racing industry in 2010.

That includes $52.19 million for thoroughbred purses, $20 million for greyhound purses, $6.4 million for racetrack employee pension funds, $6 million for thoroughbred breeders, $6 million for greyhound breeders (including ERT's mom and brother), $6.88 million to the Racing Commission, and $6.4 million for racetrack employees' pension funds.

For the money the Lottery puts in, the state gets back only about $2.4 million a year in revenue from thoroughbred and greyhound racing.

http://www.wvgazette.com/News/newsColumnists/201104011342


When the Legislature and/or local News media tells the public how much indebtedness the WV taxpayers have been made responsible for paying off ..... it never includes the tens of million$ in Bonds that have to be paid off, such as the following:

Clay Center
Power Park
Cabela's complex
old Workers' Compensation claims
School Building Authority
etc.

SamCogar

Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28

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