Tax revenues generated by the games of chance which returned to the carnival this year did not generate as much money for GovGuam as many had hoped.
Public Auditor Benjamin Cruz released the report today which shows that the three people who were licensed to operate the games paid just over $15,000 in taxes.
The limited gaming tax only requires a 4 percent levy on net revenues. The net was roughly $379,000 based on the tax paid.
When contacted for comment, Cruz said that the vendors complied fully with the law. But he noted that the gross amount of revenue collected by the vendors would have been much higher. In the past, Cruz has recommended that the tax should be applied to the gross revenue.
However, just how much the game of chance operators collected in gross revenues is not known. The law authorizing the return of the games of chance did not require an audit.