Dover Downs Hotel & Casino has been sold to a Rhode Island-based company called Twin River Worldwide Holdings Inc. This sale comes less than a month after the casinos in the state got their beloved tax break, thus making the Dover Downs company more attractive for a sale, and allowing the owners to increase their profit from a sale. Indeed, Dover Downs stock rose about 50 percent, from around $2 to $3, Monday.
Now we will have to wait for the other shoe to drop: jobs. Will jobs be cut? Remember, that was the supposed reason for the tax break, to save casino jobs. If a single job is cut, those who voted for the tax break will be rightfully lambasted. Rep. Dave Bentz, someone who voted against the casino tax break, tweeted: “I don’t know if the outcome would’ve been different (I still would’ve voted no), but this is the sort of thing a business should give legislators a heads up about when asking for a massive tax relief bill.”
Indeed. I have an idea: no tax breaks for corporations or businesses. No loopholes. This way, legislators will not be made to look like the fools they are, time and again.