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Treasurer Timothy P. Cahill believes the solution to many of the financial problems currently choking the state of Massachusetts is slot machines.  Each day the state seems to face more and more bad budget news. 

As revenues continue to decline, it is very possible that Massachusetts could be left with a additional $500 million budget gap.  Governor Deval Patrick has already plugged a $2.5 billion budget gap.  Without new revenues from slot machines, more budget cuts could be required.

The stat legislature heard Cahill’s plan for slot machines during a legislative budget hearing.  Tomorrow, Cahill will lay out further details before the Greater Boston Chamber of Commerce.  Before his slot machine plan goes any further he needs to gain the approval of not only Governor Deval Patrick but the Legislature as well.

Cahill has also been questioned as to why his plan only allots 27 percent of revenue from slot machines to the state.  Many other states that have legalized slot machines take a much bigger cut.   

The best guess is that Cahill simply lifted the 27 percent from the proposal for resort casinos issued earlier by Governor Deval Patrick.  However, Patrick’s plan included expensive upfront fees that that would be invested by resort developers.  A slot machine parlor is not nearly as pricey a project as a resort casino.

“It’s been an issue which I’ve been talking about for a number of years,” said Cahill.

“To have the treasurer bring it back to the forefront of the discussion is something I’m very interested in. I’ve always been in favor of slots at the racetracks.”

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