BusinessNovember 8, 2008
Mo. casino loss limit repeal takes effect
JEFFERSON CITY, Mo. -- The loss limits are off at Missouri casinos. The secretary of state's office said Friday that a ballot initiative repealing the loss limits took effect Tuesday -- the day of the election. That came as a surprise to the Missouri Gaming Commission and casinos alike...
The Associated Press
JEFFERSON CITY, Mo. -- The loss limits are off at Missouri casinos.
The secretary of state's office said Friday that a ballot initiative repealing the loss limits took effect Tuesday -- the day of the election.
That came as a surprise to the Missouri Gaming Commission and casinos alike.
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State regulators had assumed the ballot initiative would not take effect until Secretary of State Robin Carnahan officially certifies the results, which may not occur until December.
Upon learning of the interpretation from Carnahan's office, the Gaming Commission notified casinos Friday to immediately begin applying the new law.
Besides repealing the gamblers' loss limit of $500 per two-hour session, the initiative also increased the casino tax rate and capped the number of casino licenses that can be issued.
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