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Dover Downs threatens layoffs if taxes aren't cut

Friday - 5/24/2013, 10:30pm  ET

DOVER, Del. (AP) -- Dover Downs casino says it may lay off hundreds of workers and shutter restaurants if Delaware lawmakers don't lower the company's taxes.

The News Journal (http://delonline.us/1509uMQ ) reports that casino executives have been meeting with legislators and members of Gov. Jack Markell's administration. The legislative session closes June 30.

Markell continues to resist such a deal to lower casino taxes. The state continues to rely on casino revenue to balance its budget.

Dover Downs has $60 million in debt and is facing new competition from new casinos in Maryland. The casino lost $283,000 in the first quarter of the year. In the same period last year, it had a $2.4 million profit.

Dover Downs Chief Financial Officer Tim Horne warned of "draconian" cuts beginning next month without a tax deal.

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Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com


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