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F I S C A L   I M P A C T   R E P O R T

 

 

SPONSOR:

Lujan

 

DATE TYPED:

2/18/03

 

HB

486

 

SHORT TITLE:

Increasing Gaming Hours on Certain Days at Racetracks

 

SB

 

 

 

ANALYST:

Smith

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

 

 

 

 

4,200.0

 

Recurring

 

General Fund

 

 

 

 

 

(Parenthesis ( ) Indicate Revenue Decreases)

 

SOURCES OF INFORMATION

 

Responses Received From

DFA

Racing Commission

 

SUMMARY

 

     Synopsis of Bill

 

HB 486 would allow racetrack casinos to increase the hours of operations at their casinos from 12 hours to 16 hours per day, not to exceed 100 hour per week. The 100 hours per week cap could be exceeded for holidays.

 

     Significant Issues

 

          The racetrack casinos would be allowed to increase their weekly hours of operations by      

          19% from current levels.

 

FISCAL IMPLICATIONS

 

Analysts have assumed a 19% increase in operations will translate into a 10 % increase revenues. A risk to this estimate is the competition from the gaming tribes.  People have only a fixed amount of leisure. At a certain point, they will have enough opportunity to satiate their desire to gamble.

 

SS/ls