About the casino proposal

  • Updated: May 14, 2011 - 9:42 PM

ABOUT THE PROPOSAL

Minneapolis developer Alatus LLC has pitched a state-owned casino for its Block E complex in downtown Minneapolis. Some details, as proposed:

Operation: 3,200 gambling positions, open 24 hours a day.

Customer base: Projected to attract 5.6 million people (including repeat visits) a year.

Development: Companies would compete for the contract to build and run the casino.

Requirements: Qualified companies would have to be 51 percent-based in Minnesota and spend at least $200 million on the casino.

Licensing costs: A one-time fee of $50 million.

Revenue potential: Total gambling revenue projected to reach $450 million a year.

Taxes: About 25 percent of the revenue would go to the state; an additional 3 percent tax to Minneapolis.

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