In 2008, voters in Colorado changed the gambling rules after being told the changes would generate an additional $86 million in revenue. These funds would be used to benefit community colleges, they were told.
Unfortunately, the promised results didn’t materialize.
Officials now report the gaming changes allowed under Amendment 50 in 2008 have produced about $19.7 million, a far cry from the promised revenues.
“There’s no question, it hurts community colleges, and by extension, hurts community college students,” said Lt. Gov. Joe Garcia, who also wears the executive director’s hat for the Colorado Department of Higher Education.
Amendment 50 raised the maximum bet from $5 to $100, added the games of craps and roulette and permitted the casinos to remain open 24 hours a day. Adding to the shortfall was the state’s economic problems caused by the recession, said officials.