RIVERBOAT GAMBLING REPORT INDICATES STATE IS RAKING IN MONEY

A gambling association director seemed thrilled with a report released Monday, and he predicted the information in it would persuade skeptics that education in Missouri has been well served by gambling.

The report was compiled by former state budget director Jim Moody. Today, he is a lobbyist for President Riverboat Casinos, which owns the Admiral in St. Louis. The report attributes all information to the Missouri Gaming Commission and state budget figures.

"We promised $30 million for education last fiscal year and delivered $55 million," said Mike Ryan, director of the Missouri Riverboat Gaming Association, said. "We don't expect to convert our critics, but our skeptics will be pleased with this report."

The report, "The Impact of Riverboat Gaming Taxes on Missouri Education," listed the colleges and universities receiving gambling-tax revenues, along with the amounts.

Slightly more than $5 million in gambling taxes was appropriated for Southeast Missouri State University for fiscal year 1996. It will be used to improve the school's power plant and electrical distribution system. In fiscal year 1995, the school received nearly $300,000 for library technology and maintenance and repair.

Money taken in during the next fiscal year will be appropriated for elementary and secondary education, Ryan said. The report predicted the 18 percent state tax on gambling revenues will raise an estimated $97.7 million for the 1995-96 school year.

Of those funds, $80 million will be distributed through the Missouri school foundation formula, $5 million will fund voter-approved construction projects and $12 million will be credited to the 1996-1997 school year.

Particularly because voters approved slot machines in November, riverboat gambling has become one of the fastest-growing industries in the state. There are seven floating casinos operating in Missouri and the gaming commission is investigating four others.

However, Cape Girardeau's proposed riverboat has been stalled by a new go-slow policy, Ryan said, which will limit the number of boats allowed to open until the commission can see how established boats do over the next year or so.

They're all doing well so far, according to Moody's report, which showed them taking in $310,832,115 in fiscal year 1995, which ran from July 1, 1994 to June 30.

"The industry does well because there is great demand," Moody said. "A whole lot of people visit the boats."

He predicted 18 to 20 million people would visit Missouri's boats this year.