Greedy casinos cost New York schools $1.7 billion dollars


Posted on the 4th of October 2015

Greedy casinos cost New York schools $1.7 billion dollars

According to Buzzfeed, a few weeks after the 911 terror attacks, New York passed a new emergency law that expanded the state lottery to include “video lottery terminals”, which are basically video slot machine games. The “video lottery terminals” were designed to give the state another source of funding. The original agreement was that 60% of the funds should go to the schools. In 2004, 61% of the funds did go to the schools. However, since then, casino operators who manage these machines have successfully lobbied for a bigger cut of the profit, which at the time was approximately 25%. Now, they are taking 45% of the profit which has come at a cost of $1.7 billion for the schools. This is money that could have paid for 2,300 teachers for 10 years or 24 million textbooks.

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