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The state of Minnesota can now eliminate corporate taxes to pay off U.S. Bank Stadium's debt as profits from gambling have helped to cure the problem.
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The Star Tribune report that pulltabs and other charitable gambling have generated enough revenue to solve the debt issue.
From the Star Tribune:
The state projected last week that the reserve account for the stadium will climb to $193 million by 2023, even without an annual infusion from corporate taxes. The rising revenue could even pay off the stadium debt earlier than anticipated, saving hundreds of millions in interest costs.
It’s possible because charitable gambling taxes — the original stadium funding source — have soared after a sluggish start.
Corporate taxes totalling $20 million a year will no longer be necessary. Minneapolis sales taxes begin contributing in 2021.
Who said gambling is bad for society?
U.S. Bank Stadium is among the newest facilities in the NFL and is home to the Minnesota Vikings. Last year the stadium hosted its first ever Super Bowl despite having to deal with leaks, breaks and dead birds.
- Aaron Goldstein, Gambling911.com
