After three months of commercial casino gaming in Nebraska, tax revenue is on the verge of passing $2 million. That’s according to the latest revenue report from the Nebraska Racing & Gaming Commission (NRGC), the governing body that oversees Nebraska casino gaming.
The NRGC’s November revenue numbers show the state’s first commercial casino, WarHorse Casino, has generated $1.95 million in tax revenue since it opened in September.
The revenue numbers are encouraging for the state, as WarHorse Casino in Lincoln is the first of several casinos that will open over the next two years.
Month-on-month casino tax revenue drops 5% in November
In November, WarHorse Lincoln generated $809,627.78 in tax revenue. That represents a 5% decrease in revenue compared to October. However, dips around the holidays are expected for casinos.
November’s revenue totals pushed the yearly total to $1,950,406.74.
Though December’s revenue numbers won’t come out until mid-January, it’s a certainty that WarHorse Lincoln has already generated enough tax revenue this month to eclipse the $2 million mark.
Here’s how the casino’s revenue numbers break down by month:
- November: $809,627.78
- October: $854,077.44
- September: $286,701.52
WarHorse tax revenue provided over $1.3M for property tax credit fund
Per Nebraska law, a casino’s tax revenue is split in six different ways. Some of the money goes back to Lincoln and Lancaster County, while some of it goes to the state.
Here’s how the state split up WarHorse’s tax revenue from November:
- Nebraska property tax credit cash fund: $566,739.46
- City of Lincoln share: $101,203.47
- Lancaster County share: $101,203.47
- Compulsive Gamblers Assistance Fund: $20,240.69
- State general fund: $20,240.69
To date, WarHorse’s tax revenue has generated more than $1.3 million for the state’s property tax credit fund. Additionally, Lincoln and Lancaster County have received more than $240,000 each.
The property tax credit fund provides money for the state’s property tax credit program. Homeowners can apply for a state income tax credit that covers a percentage of the real estate taxes they paid to their local school district.
Future Nebraska casinos could push monthly tax revenue beyond $4M
Nebraska voters approved a trio of amendments in 2020 that allowed commercial casino gaming at the state’s six horse tracks. The landmark decision culminated with WarHorse’s opening at Lincoln Race Course in September.
WarHorse is operating out of a temporary facility until it completes construction on its permanent casino.
It’s likely that over the next two to three years, four more Nebraska casinos will open. Construction is underway at three tracks:
- Horseman’s Park (WarHorse) is expected to open as WarHorse Casino Omaha in the second half of 2023.
- Fonner Park (Elite Casino Resorts) is finishing up its temporary casino and should open in early 2023.
- Caesars plans to open a temporary casino at Ag Park in Columbus while building a permanent one at Columbus Exposition & Racing.
- Atokad Park (WarHorse) is around a year away from construction.
Fairplay Park in Hastings is also eligible to open a casino. However, the property has yet to partner with a casino company.
Assuming five of the state’s six horse tracks are live by the end of 2024, the state could easily see $4 million in monthly tax revenue.