The State of Delaware is playing the shell game borrowing money they don’t have, and promising to pay it back not knowing if they will have the money to pay back the debt.
Almost $10 million in aid next year for the state’s three casinos has passed the state senate including another bill that gives similar relief in the future.
The nearly $10 million made a magical appearance during tough budget times to hand over to the casinos.
Money, $3 million came from the state’s strategic fund, money used to lure or keep industries in Delaware; $3.2 million from the new jobs infrastructure fund which was reserved for the Kent Count Regional Sports Complex and an additional $1 million in unallocated money from the infrastructure fund, which is usually used to new businesses or those businesses wishing to expand.
The sponsor of the bills, Sen. Brian Bushweller, D-Dover said the stated language in the bill says that money will be restored in 2016. Not the language; will vs must. If legislative language says ‘will’ it does not commit legislation to abide by that language; ‘Must’ means the bill has to be enforced.
Thus the state is hoping for a windfall in 2016 to repay the loans. The bill passed 14-4 in the Senate and now goes to the House.
Another red flag is the casino’s threat is they didn’t receive $20 million they would probably have lay offs. Since they only received $10 million President and CEO of Dover Downs Gaming and Entertainment and Dover Motor-sports Inc. now says any decision about staffing will come after discussions with banks that must renegotiate loans width the casino and hotel.
So taxpayers…screwed again.