Monday, June 17, 2013 - 4:43pm
Markell proposes $8M bailout for Del. casinos
Governor Markell's administration proposes an $8 million-dollar temporary financial bailout for Delaware's three casinos.
Administration officials made the proposal Monday to the legislature's capital budget committee as part of their recommendations for spending some $50 million in newly available funds. The new funding includes $21 million in estimated additional tax revenue for the fiscal year starting July 1, and $22 million in premiums from a recent bond sale.
Budget director Ann Visalli says the Department of Finance would develop a formula for distributing the cash to the casinos, which she said are struggling with gaps between revenues and costs.
In addition to casino relief, the administration has made several other recommendations for new capital budget expenditures, including $10 million in additional funds for the port of Wilmington.
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