Casino Gambling.

CASINO GAMBLING. INITIATIVE CONSTITUTIONAL AMENDMENT. Repeals existing constitutional ban on gambling casinos. Legalizes casino gambling, including slot machines, at specified horse racing tracks. Authorizes any owner of race track property to own casino. Establishes California Casino Gambling Commission to control, manage, regulate, and license casinos, consisting of Chairman and eight members, nominated by Governor, confirmed by Senate. Imposes tax on annual net gaming revenues: 8% for state support of education; 1% for county where casino located; 1% to support Commission. Taxes deductible from casino\u27s state income tax liability; casino exempt from other specified taxes. Repeals, amends, or modifies conflicting laws. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would result in net state and local revenue increases potentially in excess of one hundred million dollars annually from casino taxes and increased economic activity. The bulk of casino tax revenue would be dedicated to educational programs. Schools could also receive a significant share of any net state General Fund revenue increases, and could experience significant revenue losses from declining lottery sales