Orange County NC Website
Browse       Search
House voted in favor of HB 347, 64-45. The bill will now pass onto the Senate, which <br /> passed a similar bill last session. <br /> • Since 2022 there have been efforts to legalize North Carolina sports betting <br /> • Sports bets can be made on your phone, tablet or computer or in person as a cash <br /> transaction <br /> • There will be a multi-step processes to authenticate the user before bets can be made <br /> • The Carolina Hurricane's will have a place at PNC that people can make a cash bet <br /> • NC illegal betting amounts to about $1.7 billion per year, legalized betting would be "out <br /> of the darkness into the light" <br /> • A% of money collected would be used for: Oversight & regulations, Taxation, keep $$ in <br /> NC, provide help for problem gambling, Sports Competition Integrity <br /> 0 Possible gains: $95-$125 million in state taxes by 2032 <br /> • Current legislation: Allow for 10 licenses, not more than 12 overseen by the NC Lottery <br /> Commission <br /> • Tax rate of 14% <br /> • $2 million set aside annually for education treatment <br /> • Trickle down— Each county in NC would receive $10,000 annually for youth sports <br /> • Local Interest: Increased Fan Engagement, Tourism, Economic Development—Jobs, Jolt, <br /> Joy <br /> 0 Operators will apply to the Lottery Commission for the licenses <br /> • Colleges were excluded in 2022 in the legislation but currently added back in <br /> • Opposition: Moral Issues, Higher percentage of profits, Addictive Gambling <br /> • Bubba Cunningham —Would this be the right thing for UNC Sports? What is the benefit <br /> for Professional vs. Colleges? <br /> Note: Nigel subsequently mailed the breakout of where revenues will be allocated. This <br /> "waterfall" revenue stream can be found here: Waterfall Language: <br /> https://assets.simpleviewinc.com/simpleview/image/upload/v1/clients/chapelhill/HB 347 Wa <br /> terfall Language 8f07ef7c-9ffO-4ad4-94fc-e8e8828Of498.pdf <br /> Executive Director's Report <br /> • Laurie reported on the latest metrics: Recovery Mode now at record highs, in all metrics <br /> including revenues, demand and pace. <br /> • Mark Sherburne confirming record high rates based on record high demand, reporting <br /> 2023 Commencement: $899/night, 3 night minimum, predicted higher for next year <br /> • Still some lag from business mid-week occupancy. <br /> • Visitors Bureau Expanding advertising reach to include DC/Atlanta/Mid-Atlantic Region <br /> • Fund Balance—There may be requests from County Manager for fund balance <br /> appropriations, Laurie will discuss at the next board meeting <br /> 2 1 P a g e CHOCVB BOD Meeting Apr 19 , 2023 <br />