DENVER (AP) -- Colorado gambling regulators have reversed controversial tax breaks for casinos and raised the tax rates by about 5 percent.

Gov. John Hickenlooper replaced the five-member Colorado Limited Gaming Control Commission last summer after the commission approved the tax breaks. The new commission approved the lower rates on Thursday.

According to the Denver Post, the Colorado Gaming Association sought a 10 percent tax cut a year ago, citing three consecutive years of collective net losses.

Casinos reported net losses of about $12 million in 2010. Last year the industry posted a net profit of more than $7 million, when the lower tax rates were only in effect for half a year.

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Information from: The Denver Post

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