Community Investment Community Colleges
In November 2008, the passage of Amendment 50 helped Colorado’s gaming industry forge a new partnership with the state’s community colleges. All new revenue generated from increased bet limits, expanded operating hours and new casino games would directly benefit Colorado community colleges. The beneficiaries included student financial aid funds, classroom instruction and workforce development programs. In 2020, the passage of Amendment 77 expanded this partnership, allowing community colleges to use any additional gaming tax revenue to fund student retention and completion programs, in addition to the uses allowed under Amendment 50. These educational institutions are an important resource to all Coloradans. Their reach extends beyond the field of education, as many of Colorado’s community colleges manage the training of healthcare workers and emergency service first-responders. Every year, tax revenue from Colorado’s gaming industry contributes $13 million to the state’s community colleges, ensuring these institutions have the resources to thrive.
Historic Preservation
Taxes from the Colorado casino industry have made the Colorado State Historical Fund the richest in the nation. Since 1992, over $355 million has been generated for the Colorado State Historical Fund, awarding 5,472 grants for historic preservation and contributing millions of dollars to all 64 Colorado counties.
Of that amount, 80% is spread across the state through grants for preservation projects, while 20% is returned directly to the mountain towns to refurbish their Victorian buildings and streets. The State Historical Fund was created in 1990 by the same constitutional amendment that legalized limited stakes gaming in Central City, Black Hawk and Cripple Creek, three former mining camps badly in need of a facelift. The amendment states that 28% of the state tax revenue generated by gaming must be paid into the historical fund. “This investment in historic preservation is an incredible accomplishment that earns the state great respect throughout the country,” said Ellen K. Fisher, chair of the Colorado Historical Society, in the fund’s recent annual report.
Click here to access the website for History Colorado – the Colorado Historical Society.
Economic Development
Colorado Gaming Association commissioned an economic impact study to illustrate the many benefits the gaming industry provides to Colorado. Fred Crowley, Ph.D., an economics professor from the University of Colorado at Colorado Springs, completed this study. You can read the important highlights of the study.
Colorado Water Plan
When Colorado approved legalized sports betting, it was agreed that tax revenue generated by gambling proceeds would support water conservation efforts throughout the state. This includes natural habitat protections and infrastructure development, but the largest beneficiary is the Colorado Water Plan, the state’s path toward future water security and sustainability. In its first year, Colorado sports betting generated nearly five times more money for statewide water projects than anticipated. State officials’ initial projects for 2020-2021 were between $1.5 and $1.7 million. Recent reports indicate that the gaming industry has generated more than $11.4 million for Colorado’s Water Conservation Board. As the sports gambling industry continues to grow, so will Colorado’s prospects of a secure water future.
Advocacy and Outreach
Current legislative and regulatory issues related to Colorado’s gaming industry can be accessed here, through the 2021 Colorado General Assembly information page. There, you can view the calendars for the upcoming legislative sessions and search for bills filed in the House and Senate. You may also locate information related to ballot initiatives filed for 2021-2022 under the “Ballot Issues” icon on the General Assembly homepage.
Tourism
Colorado’s commercial casinos generate $15 million in annual tax revenue for the Colorado Travel and Tourism Promotion Fund, which supports nonprofit organizations, destination marketing organizations, and local city and county governments market themselves to increase traveler spending across the state. Colorado’s tourism industry is valued at more than $27.7 billion annually, and with the support of the gaming industry, its economic impact is expected to grow every year.
Local Governance
In 2020-2021, tax revenue from Colorado’s commercial casino industry contributed more than $19.2 million to the local governments of Colorado’s gaming cities – Cripple Creek, Blackhawk and Central City – and more than $13 million to the governments of Gilpin and Teller counties. These local governments benefit directly from their willingness to host commercial casinos, and the revenue boost offered by gaming taxes strengthens the services they provide to community members.
Additional Beneficiaries
Every year, 50% of tax revenues in the Limited Gaming Fund go to the state general fund, where they are distributed at the discretion of the general assembly. The beneficiaries of this revenue are wide-ranging, with past recipients including the innovative higher education research fund, the creative industries cash fund, and the travel and tourism fund. This portion of gaming tax revenue is typically poured back into organizations and initiatives that support Colorado’s economy, precipitating job growth and increased revenue statewide.
One of the most common beneficiaries of general fund tax revenue is the Problem Gaming Coalition of Colorado, an organization dedicated to increasing awareness, advocating treatment, and promoting research and education on problem gambling. The Problem Gambling Coalition also works in partnership with the Colorado Gaming Association to offer a voluntary self-exclusion program. This program allows persons to be removed from casino marketing lists, cancel slot club memberships, and cancel any check-cashing privileges in Colorado. To learn more about the Problem Gambling Coalition – or to support their invaluable work – visit the PGCC website or call 303-663-0772.