An Iowa casino operator wants to “lease” the Iowa Lottery for the next 49 years and it seems very evident that Speaker Murphy, Senator Gronstal, and Governor Culver are sold on the deal. The offer from Dan Kehl would pay more than $200 million up front and then allow the state to tax the adjusted gross revenues at 22%.
Last year the lottery provided the state with 57.2 million in profits, under the new deal the state would only would have received $22.4 million. If you ask me it seems like an awful lot to give up per year for a one-time payment of $200 or so million.
Don’t fool yourself; this is only about the one-time payment and nothing else. Our Democrat leaders are looking for a quick fix so they can continue to get reelected. I find it fully that on one hand Senator Gronstal claims there is no $600 million dollar deficit, yet he wants to sell the lottery for quick cash.
More later today.