|
|
Kentucky to Allow Video Lottery Terminals - 06-24-09 |
June 24 - Steve Beshear is making headlines again in the gaming world, but this time with some more positive news. It has been announced that the Kentucky governor is planning to allow video lottery terminals to be placed in the state's horseracing tracks in an attempt to raise some much needed cash for the state's coffers.
The forecasted figures released by Beshear are quite impressive. The first year he expects the video lottery terminals to bring in $796.7 million if spread around the state's seven racetracks. Part of that sum, $169 million to be exact, would go towards giving tax breaks to active military personnel and vehicle owners. Beshear expects the numbers to rise to one billion dollars per annum by the sixth year of operation.
Beshear said that the Kentucky horse racing industry was in a state of crisis and that his proposal would assist in boosting the industry and help retain the 100,000 jobs that are connected to this sector of the economy.
The next stage for Beshear's proposal is to be debated by the State's legislature and it is reported that it is unclear whether Beshear has enough votes in the Senate to get the bill passed. If it were to pass, however, it would come into affect immediately.
The video lottery terminals would only be open to those over the age of 21 and the enforcement of this law would be under the authority of the Kentucky Lottery Corporation. The minimum prize payout will be set at 85% and the cost of a ten-year license application would about $25,000. The actual cost of operating the machines could stand anything between $20 million to $100 million.
Fair Online Gambling Related Articles:
>> Online Casino Industry Pays Tribute to Michael Jackson - 06-27-09
>> Macom to Market Asian Casino Bodog88 - 06-27-09
>> Rome Casino Software Glitches Cause Alarm - 06-26-09
>> CryptoLogic Hires BT to Monitor Network - 06-25-09
>> Italy to Legalize and Regulate Online Gaming - 06-24-09
>> Dutch Government Lets Woman Keep Unibet Win - 06-23-09
>> Utah Trying to Block Online Gambling Sites - 06-22-09
>> RGA Defends Online Gambling - 06-20-09
|
