It looked like a sure bet.
But a 2008 ballot measure to change gaming rules to benefit community colleges has produced far less revenue than what was forecast four years ago.
The Fort Collins Coloradoan reported that the gaming changes allowed under Amendment 50 in 2008 have produced about $19.7 million in additional revenue for . The forecast was for an additional $86 million by the current fiscal year.
“There’s no question, it hurts community colleges, and by extension, hurts community college students,” said Lt. Gov. Joe Garcia, who is also the executive director for the Colorado Department of Higher Education.
Amendment 50 asked voters to allow casinos in Colorado’s three legal gaming towns — Blackhawk, Central City and Cripple Creek — to raise the maximum bet from $5 to $100, add the games of craps and roulette and remain open 24 hours a day. A big chunk of the revenue generated by the changes, 78 percent, would benefit community colleges.
State economists with Colorado Legislative Council projected Amendment 50 would bring colleges $22 million in its first year (fiscal year 2010-11), $26 million last year, $38 million this year.
Actual revenue from Amendment 50 to community colleges has amounted to $6.1 million in its first year and $6.9 million this year, according to Colorado Joint Budget Committee appropriation reports.
