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November 27, 2009

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Report: State’s take could be half of casinos’ profit

Monday, Oct. 25, 2004 | 9:22 a.m.

ST. PAUL -- Although Minnesota's Indian casinos don't open their financial books to the public, the Star Tribune of Minneapolis reports that Gov. Tim Pawlenty's demand for $350 million annually could amount to half of the casinos' profit.

Pawlenty has said the casinos risk competition from Las Vegas if they don't pay up.

The newspaper cited various estimates Sunday suggesting that casino revenue totals $1 billion a year or more after prize money is paid out but before expenses are paid.

A 2003 report by the Federal Reserve Bank estimated 2000 revenue of Indian casinos at $850 million to $900 million. The Minnesota Lottery in September said revenue estimates have ranged from $1 billion to $2 billion.

Tribal casinos typically get 80 to 90 percent of their revenue from slot machines, dwarfing the take from blackjack, according to William Thompson, a professor of public administration at UNLV.

Thompson told the Star Tribune on Friday that there is plenty of "hocus-pocus" involving estimates of total wagering in tribal casinos.

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