- Legal States
Mike Johnson August 2, 2020 3 min read
Gambling Measure Gathers Residents’ Signatures in Colorado
Supporters of a new measure regarding casinos in Colorado started a signature gathering initiative last week. As per active law, if casinos want to introduce new games and raise the stake limit, all residents of the state must approve. As the November 30 ballot approaches, people living in the three mountain states, Black Hawk, Central City and Cripple Creek, the only places where casinos are allowed, want to change this so that only the three towns would have a say on the matter.
Colorado is one of only two states where there is a bet limit, with the cap being put at $100. Besides, the three towns which host casinos are among the ones most hit from the ongoing virus-related health crisis, and the proposed measure that would seek to legalize new games, in addition to raising the stake limit, is seen as a lifeline for the local businesses and communities.
Casinos Helped Renovate the Towns
The casino industry has been recognized as a main contributor to the renovation of the towns and the creation of new jobs for the local people, and some residents believe, as they were the ones to vote for gaming in the first place, and they are the ones depending on it, they should have a say what is going to change or not.
The proposed raising of the stake limit is not accepted by everyone, though, as some organizations argue the industry should not be allowed to profit from gambling addicts who bet more than they can afford, causing damage and suffering to families and friends in the process.
“Casinos are going to make a lot more money off the backs of Colorado families suffering from addiction.”Jeff Hunt, Director, Centennial Institute, Colorado Christian University
The issue of gambling addiction is important for casinos either way, David Farahi, CEO of Monarch Resort & Casino outlined, as identifying people with gambling problems is one of the casino’s responsibilities, regardless of the level of bet limit.
Mr Farahi further explained that the meaning behind the proposed raising limit measure is to keep as much gambling funds in the state as possible that, instead of increasing the benefits for the towns hosting casinos, would go to Las Vegas.
The Monarch Casino & Resort in Black Hawk is one of the two gaming properties run by the Reno-based casino and hospitality operator which recently reported its second quarter financial results. Monarch Casino & Resorts, Inc. posted a net loss of $4.3 million for the three months ending June 30, beating market expectations for a bigger material impact on its revenue from the casino closures.
The signatures for the proposed gambling measure are yet to be verified before it is included in the ballot scheduled for the end of November. Several other measures have already being included, among which the proof of citizenship to vote, the ban on late term abortions, the use of the national popular vote in president elections, and others.
Mike made his mark on the industry at a young age as a consultant to companies that would grow to become regulators. Now he dedicates his weekdays to his new project a the lead editor of GamblingNews.com, aiming to educate the masses on the latest developments in the gambling circuit.
Casino August 2, 2020
Casino August 2, 2020