Rising Gambling Tax Revenues Fill US Bank Stadium’s Reserves
ST. PAUL, Minn. (AP) _ Tax revenues from charitable gambling are generating so much revenue for paying off the debt for U.S. Bank Stadium that Minnesota officials say corporate taxes are no longer needed for that purpose.
The state projects the stadium's reserve account will hit $193 million by 2023. So officials plan to drop an annual infusion of $20 million from corporate income taxes to fill the account.
Reports say the rising revenue could even pay off the stadium debt earlier than anticipated, saving hundreds of millions in interest costs.
Pulltabs dominate charitable gambling sales, and electronic pultabs now comprise nearly 20 percent of all pulltab sales. Other taxable charitable gambling activities include bingo and raffles.
Charities hope lawmakers will reduce those taxes so they have more money left for their work.