Friday, Aug. 20, 2004 | 11:08 a.m.
Governor signs casino tax bill
LANSING, Mich. -- Gov. Jennifer Granholm endorsed a higher tax on Detroit casinos Tuesday, signing a bill that critics say has already cost the gaming industry jobs.
The legislation raises the state wagering tax on Detroit casinos by one-third, from 18 percent to 24 percent. Granholm's office has said the bill is a crucial step toward solving state government's budget problems.
Lawmakers say the tax increase should bring in an additional $50 million for the fiscal year that begins Oct. 1. The higher tax is part of an effort to erase a $1 billion deficit in next year's spending plan.
Greektown Casino laid off 148 workers on Monday and plans to leave another 34 open jobs unfilled. The privately held company employs about 2,400 workers and had revenues of about $325 million last year.
Casino revenue sets record
LAKEWOOD, Colo. -- Colorado casinos reported a record $67.3 million in revenue in July, behind strong revenue from casinos in Black Hawk and Cripple Creek.
The previous record was $65.8 million in adjusted gross proceeds, or the amount wagered by bettors minus payouts, in August 2003.
The revenue for July was up 9 percent from the $61.7 million reported in July 2003, the Colorado Division of Gaming said Wednesday.
The 21 casinos in Black Hawk had a record $47.7 million in proceeds last month. The 19 casinos in Cripple Creek had $15 million, and Central City's five casinos had $4.4 million.
No prison time for betting ring
INDIANOLA, Iowa -- The man described by authorities as head of a multimillion-dollar Norwalk sports-betting ring was the 11th and last member of the ring to be sentenced -- with none receiving prison time.
Bob Derryberry, 61, was sentenced Thursday to three years on probation for bookmaking and conspiracy.
District Judge David Christensen fined Derryberry $10,000 and assigned $5,000 in court costs. But he set aside a possible 10-year sentence, provided that Derryberry has no probation violations.
Court records show that Derryberry agreed in May to surrender more than $475,000 in cash and securities that police had seized during raids on his house and bank accounts. He pleaded guilty to two felony charges in June.