The State Of Kansas Puts The Woodlands Out Of Business

Some early thoughts concerning the closing of The Woodlands, a longtime business here in Kansas City, Kan.

Bottom line: The State of Kansas and the gaming commission placed an insane tax rate for the racetrack and their slot machines. Of the revenues from the gaming slots, The Woodlands would only receive 25 percent of the revenues, putting it in a horrible position to earn a profit. About 40 percent would go to the state and 20 percent would go to the Unified Government.

A similar story happened in Wichita.

By Kansas placing an insane tax rate on The Woodlands, it effectively shut it down. It is clear Kansas is not ready for prime-time with these casinos. I figured gaming would shut down businesses – but I figured it would not actually be a casino/racino.

Most of this falls on the feet of the state, with some of it towards The Woodlands.