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Gov. Dayton not worried about Vikings stadium revenue shortfall

Posted by: Baird Helgeson under Gov. Mark Dayton, State budgets Updated: December 6, 2012 - 1:42 PM

Gov. Mark Dayton said he is not worried that electronic pull-tab revenue slated to pay the state’s share of the new Minnesota Vikings stadium is predicted to come in lower than expected.

“I don’t think there’s any reason for concern right now,” Dayton said Thursday.

State budget officials on Wednesday reduced anticipated stadium revenue to $16 million for the next fiscal year, down from $34 million. Over the next several years, budget officials expect pull-tab revenue to continue lagging. The stadium reserve balance is now expected to be $47 million by the end of 2017; about $36 million lower than previous estimates.

The gambling revenue is slated to pay the state’s share of the new, nearly $1 billion stadium on the site of the Metrodome.

Dayton said it’s taking longer than expected for businesses to switch over to the new electronic pull-tabs and some are waiting to see what their competitors do. Businesses that switched over to the new iPad-like gambling devices have been very successful, Dayton said.

The governor said he does not anticipate that legislators will need to retool the stadium bill approved earlier this year, which could reignite another divisive, complex fight over the issue at the Capitol.

“I wouldn’t favor it unless it becomes absolutely necessary, and I don’t think it is at this point,” Dayton said.

Dayton plans to meet next week with Minnesota Revenue Commissioner Myron Frans and Gambling Control Board executive director Tom Barrett to discuss the projected revenue shortfall.

“I think it will resolve itself,” Dayton said.
 

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