Tunica casino in Arkansas, which opened in 2008, is the latest to get a makeover after the state’s casino operators received a $500 million tax cut.
The tax cut was announced by state Gov.
Mike Beebe (R) in a news release on Tuesday.
Beebe said the tax cuts will help improve the state economy and allow the casino to become a “win-win” for the state and the industry.
Tunica opened in 2016 and had an initial revenue of $1.8 million.
The casino’s owners had hoped to break even on the initial operating profit of $2.3 million.
Tunicas revenue from the first year of operation was $1 million, but its losses from that period increased to $1,715,935, the governor said.
Tunicas initial operating loss was $2,719,749, but that number has grown to $3.5 million.
In 2018, the state had an operating loss of $831,906.
The governor said the state will get more revenue from gambling as it will be a “revenue generator” and a “great opportunity for economic growth.”
Beebe’s office said the money is used to pay for “investments and investments in education, public safety, and infrastructure.”
The casino opened in August 2016 in a building that previously housed the Rock City casino.