Electronic pulltabs may have "flamed out as a revenue source" for the state of Minnesota's portion of the Vikings stadium funding, but "the industry of which they're a part -- charitable gaming -- is expected to generate more than a quarter of the money," according to Doug Belden of the ST. PAUL PIONEER PRESS. The state is "projecting roughly" $7M a year in "taxes on charitable games to help pay off the stadium bonds," which would be $241M over 30 years, 27% of the total $881M debt service. The "vast majority of the money to pay off the bonds is coming from corporate tax revenue and Minneapolis sales tax revenue." The stadium "gets tax revenue from all forms of charitable gaming -- electronic, paper, raffle, paddlewheel, etc. -- above a certain level." State officials said that gross receipts from those games have grown 6% in the past year, in "part due to the improving economy." Paper pulltabs have been "driving the growth." Minnesota Gambling Control Board Exec Dir Tom Barrett calls them "the bread and butter of the industry." They account for 90% of "total charitable gaming receipts and continue to grow in popularity." Barrett said that a "record number of paper pulltab games were submitted for board approval last month." Minnesota Management & Budget Commissioner Jim Schowalter said, "We still think that charitable gambling will be a revenue source; that's why it continued to be in the law and part of this financing structure" (ST.PAUL PIONEER PRESS, 9/21).
LESS IS MORE: In Minneapolis, Eric Roper reported Minneapolis officials on Friday agreed to "accept less money from Ryan Cos. to develop a key parcel of land downtown." The development company will pay the city $3M -- down from the $5.6M "initially anticipated -- to build a residential tower of at least 25 stories on a parcel tucked beside a future parking ramp" near the new stadium. The Vikings "offered more money for the right to build on the site" -- $8.1M by Friday morning -- but "failed to sway the City Council" (Minneapolis STAR TRIBUNE, 9/20).
