The state's share of slot-machine money will again fall short of Gov. Rendell's projection.
During his quest to sell Pennsylvanians on legalizing the one-armed bandits, Rendell promised that the state would profit to the tune of about $1 billion a year. But this year's take is going to be similar to last year's --...about three quarters of what the governor estimated.
Even with the shortfall, Rendell said the $770 million will be put to good use.
"Huge cuts in school property taxes, that's what we promised and we're here to deliver it again," Rendell said Monday during a news conference at Pittsburgh's Market House senior center. He noted that the taxes will be wiped out for 100,000 low-income seniors across the state.
Rendell promised that his $1 billion prediction will eventually come true, but we don't expect it any time soon. A tight economy has everyone pinching pennies tighter than usual, and a casino trip is becoming more of a luxury than ever.
The governor noted that revenues for Pennsylvania casinos increased by 9.4 percent last month over March of 2008. But Pennsylvania's casinos are still relatively new. Once the novelty wears off, the state's gambling industry is in danger of suffering the same fate as Atlantic City, whose profits are down 11 percent. Times are also tough at the nearby Mountaineer Casino, Racetrack and Resort in Chester, W.Va., which laid off 175 workers in January.
We don't blame the governor for selling the results of his program in the best possible light, but there were a lot of promises made with slots money that may not be fulfilled. Unless the economy starts roaring again, it may be a long time before we see that $1 billion.
