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Colorado to Ponder New Gambling Laws
DENVER, COLORADO --
Voters in Colorado will get to decide whether major changes will be made to the state's gambling laws. The November ballot will contain an initiative proposing the raising of bet limits, the addition of new games, and the extension of operating hours at the state's licensed casinos.
The measure received almost 90,000 valid signatures, Colorado Secretary of State Mike Coffman said. About 76,000 were needed to make the ballot.
The proposals are to raise the maximum bet from $5 to $100; to remove mandatory closings at 2 a.m., instead allowing 24-hour operation; and to add craps and roulette as available games.
Tax revenue distribution percentages would remain constant. Presently, 50 percent goes to the state, 22 percent to the towns hosting gambling, and 28 percent to historical preservation throughout the state. The three towns which hold casinos are Cripple Creek, Black Hawk, and Central City.
The governor's budgeting staff estimated the new laws could generate another $158 million annually within five years of passage, on top of the $191 million expected under current rule.
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