The Cincinnati Enquirer has the story:
The announcement idles thousands of construction jobs as Rock balks at taxes millions higher than initially envisioned. Specifically, the House’s budget seeks to apply the 0.26 percent CAT tax to total betting at Ohio’s four planned casinos rather than just net losses by gamblers, the industry’s standard definition of revenue. If Ohio enacted the proposal it would mean a CAT tax bill for all four casinos possibly 10 times higher than the $5.2 million developers envisioned.
Rock Gaming officials have become increasingly vocal in the last two months about Ohio officials’ considerations on how to get more taxes out of casinos. The developers say such musings have complicated financing both construction projects.
On Wednesday, Rock said the House vote as well as discussions of higher taxes “have created an environment of uncertainty concerning the projected economic vitality of our planned developments in both Cincinnati and Cleveland.”
So much for John Kasich’s budget not raising anyone’s taxes…
No related stories.