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TELLER HOUSE CASINO COMMITTED TO CENTRAL CITY

 CENTRAL CITY, Colo., Dec. 18 /PRNewswire/ -- "We at The Teller House have serious concerns about the existing tax structure of gaming in Colorado as compared to the rest of the United States. On the face of it, the marginal tax rate of 20 percent appears to be confiscatory and has contributed to the recent spate of casino closures and layoffs. We believe that all the existing and potential investors are looking seriously at the viability of any further investment in this state, given the present trading conditions and the opportunities existing elsewhere in the United States," said Dale Van Der Schaaf, general manager of The Teller House.
 Responding today to recent casino shutdowns and layoffs, Van Der Schaaf said he, nevertheless, is optimistic about gambling's future in Central City.
 "We're certainly not out of the woods, yet. I think we will still see signs of the industry correcting itself during the next year. But, as far as The Teller House Casino is concerned, we plan to move forward with more new promotions and services for our customers," said Van Der Schaaf.
 He cited today's launch of Colorado's newest and largest progressive slot machine jackpot with a base value of $100,000 and the potential for increased growth.
 "We are quite cognizant of our industry's recent problems, but we believe that solid, quality customer service and entertaining programs will continue to attract gamblers and tourists. And, that is why we are introducing this new promotion. The introduction of a major jackpot, 'Break The Bank' offers customers a new incentive to play at The Teller House.
 "Furthermore, as a corporation, we have made and will continue to make as much of a contribution to this community as we possible can -- both in terms of dollars and human resources," said Van Der Schaaf.
 Noting that property tax rates have decreased about 77 percent for RE-1 School District in Gilpin County and coupled with expected reductions in state funding, the district's operating budget will be severely hampered. As a result, Van Der Schaaf said The Teller House will be contributing, to the district, an equivalent 5 percent of the progressive "Break The Bank" jackpot every time it hits.
 To make good on its offer, The Teller House today is presenting a check worth $5,000 to RE-1 School District Superintendent Paul Coleman. The ceremony will take place at 3 p.m. when the "Break The Bank" slot machines are officially turned on.
 Van Der Schaaf said he could not elaborate at this time on other future plans, but he did indicate that The Teller House will be introducing more new gaming promotions and services throughout the year.
 "We firmly believe that gaming can be beneficial to Colorado in terms of employment creation, expansion of the tax base, and its contribution to the tourist attractions available in the state. However, if gaming is to play any role in the future, then we believe our state authorities must take a serious look at the tax structure and the limits. Colorado is competing with a number of other states for investment in this field and in comparison to those other states, it is a distinctly unattractive proposition.
 "The Teller House was one of the original casinos to open in Central City and has a reputation that goes beyond the State of Colorado. We would like to enhance that reputation by providing the sort of welcome that Colorado used to be famous for," said Van Der Schaaf.
 -0- 12/18/92
 /CONTACT: Massimo Schawalder of The Teller House Casino, 303-534-7777/


CO: The Teller House Casino ST: Colorado IN: LEI SU:

MC -- DV002 -- 8466 12/18/92 18:50 EST
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Publication:PR Newswire
Date:Dec 18, 1992
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