When the Minnesota Vikings decided that they needed a new stadium, they wanted to make the most of general public financing if it absolutely was available. The state of Minnesota obliged, but decided that as opposed to take the cash from the basic fund or create a unique tax to enhance the money, they might bring electronic gambling machines to thousands of bars and other venues around the state. It seemed like an audio plan until it had been put into practice.

Net Gain: Bupkes

This week, Minnesota announced that residents and visitors to the state had put down about $15 million on the devices during the period of their first year in operation. Of this, more or less 85% went back to players in the shape of winnings, leaving only about $2 million in earnings. That was split among charity expenses, donations and basic taxes, and left absolutely nothing for the new stadium. That is correct: the pull-tab that is electronic games raised nothing for their intended function over their very first year operating.

The failure is definitely an embarrassment for Governor Mark Dayton, who has been strongly behind the new Vikings stadium. According to him, the numbers which have come in show that the state itself ended up being using quite the gamble by depending on the machin (more…)