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Operator taking a tax hit

Thursday, May 15, 2003 | 9:22 a.m.

Boyd Gaming Corp. of Las Vegas said legislation enacted earlier this month to amend the calculation of gaming taxes in Indiana will cost the company about $2 million in the current quarter.

The law amends the calculation of gaming taxes for Indiana riverboats that changed from cruising to dockside operations, Boyd said in its quarterly filing Wednesday with the Securities and Exchange Commission.

Boyd Gaming's Blue Chip riverboat casino began dockside operations Aug. 1, 2002, and in accordance with the rules in effect then, the casino's gaming tax rate was changed from a flat tax of 22.5 percent to one based on a graduated scale.

The new legislation makes the graduated tax retroactive to July 1, 2002, the first day of Indiana's fiscal year, instead of the date on which dockside operations began, the filing said.

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