Guam News - Guam News
Guam - Pursuant to the Guam Code Annotated, Title 3 Elections the Guam Election Commission announces that the For-Profit Bingo Initiative measure will be presented to the voters of Guam in the next regularly schedule general election to be held on Tuesday, November 6, 2012, as follows:PROPOSAL A
Initiative to approve for-profit bingo at the former Greyhound Park and any adjacent property that is acquired by the owners of the park.
1. Defines Gross Bingo income as value of wagers minus value of prizes paid out.
2. Gross Bingo income is taxed at 20%, current Guam tax laws apply to other forms of income.
3. Bingo tax revenue placed in newly created Guam Bingo fund, from which expenditures are controlled 30% by GMH Board, 30% by Education Policy Board, 30% by GPD & GFD, 10% to Department of Revenue and Taxation (DRT) for expenses. DRT will regulate Bingo Operations.
Any voter or group of voters may, no less than forty-five (45) days prior to the election at which the measure is to be presented to the voters, prepare and file with the Election Commission an argument for or against this initiative. The argument shall not exceed five (500) words.
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