New Mexico lawmakers are analysing the proposed measures and regulations which could potentially kickstart the live gaming sector in the western state.
The legislators in New Mexico are evaluating the possibility of allowing the state’s five horseracing tracks to offer live craps, poker and blackjack, as well as sports betting.
The Bill has seen legislators from both political parties come together to lay the foundations for a regulated gambling industry. The Bill is being pushed by both of the parties due to its potential of boosting lottery scholarship money, job creation and adding a new stream of tax revenue.
According to Representative Raymundo Lara, New Mexico could potentially benefit from $40 million per year, with $15million of the amount going straight into the scholarship fund.
Currently, the five horsetracks in New Mexico are not allowed to offer any type of casino games but Lara is at the forefront at pushing amendments in the proposal that will let these race tracks become fully equipped casinos rather than just give live games.
According to Representative Raymundo Lara (pictured), New Mexico could potentially benefit from $40 million per year, with $15million of the amount going straight into the scholarship fund if these changes are satisfied as he told Las Cruces Sun-News:
“I truly believe this is a win-win for the state as a whole. This is going to benefit our young people. This is going to bring jobs. This is going to bring additional revenue to our communities and to our state.”
The proposed Bill will be evaluated and analysed over the course of the 60-day current legislative session. Representatives pushing for this Bill are expected to be met with opposition from the tribal community of New Mexico who currently run many casinos, such as the Mescalero Apache Tribe which runs the Inn of the Mountain Gods Resort and Casino.
There is growing concern that the legalisation and expansion of certain gaming verticals will increase the chances of gambling addiction but education officials and representatives all wish for this Bill to be pushed through as it will pump more money into their scholarship programs, make colleges more affordable and also provide well-paid job opportunities.
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