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Kentucky Plan for Track Gambling Unveiled
FRANKFORT, KENTUCKY --
Governor Steve Beshear of Kentucky revealed his plan to install slot machines at race tracks and save the state horse industry with expanded gambling. Under Beshear's proposal, video lottery terminals under the authority of the Kentucky Lottery Corporation would be placed at state race tracks.
Tracks would make money off the slot gaming, but would be charged for a ten-year state license. The licensing fee would relate to the number of slots to be operated at the given location.
The plan has been given to the state legislature for consideration in a special session.
Beshear thinks licensing would generate $360 million, with a potential $100 million windfall set aside with an unused license. Revenues project to $300 million a year, declining to $270 million by the fifth year.
The Kentucky Horse Racing Commission voted unanimously this afternoon to support the plan. Commission member Foster Northrop said it was important people realize the proposal would help the state as well as the racing industry.
"This is going to help all Kentuckians," Northrop said. "A lot of the 'No' votes are just voting 'No' against the racetracks. I think they need to look at the big picture."
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