Gambling legislation in the state of Kentucky has been repeatedly postponed over the last couple of years, but now it seems the question was brought back on the agenda.
A bill, aimed at expanding the gambling sector in Kentucky, was proposed on Tuesday by Sen. Julie Raque Adams and Sen Morgan McGarvey. In case the bill gets the nod from both houses of the Legislature, the law amendment might come into force by the end of the year. However, Kentucky residents will have the final say on the matter in November when a referendum is to be held.
According to the legislation, as much as 90% of the revenue generated via gambling activities is to be set aside for funding the Kentucky Teachers’ Retirement System and the Kentucky Retirement Systems. As for the remaining 10% of the revenue, it is to be used for the needs of the horse racing industry throughout the state.
The gambling legislation has been supported by Steve Beshear and the state advocates who regard the casino sector expansion as an effective tool for helping the horse racing industry in the state. Now, the proposed bill is expected to provide the long-awaited financial aid to the horse racing sector and the pension systems as well.
As far as previous attempts for gambling expansion are concerned, they were unsuccessful because Kentucky authorities failed to agree on the number and location of the future casino venues.
Opponents of the gambling expansion, on the other hand, raised concerns about the negative social consequences that go hand in hand with gambling expansion. Proponents of the gambling bill said that casinos can be a viable source of revenue and the state desperately needs to find a solution to the pension systems crisis. The other convincing argument they drew was the fact that Kentucky-based players frequently roll the dice in casinos located in the neighbouring states, which results in significant losses for the economy.
However, despite the serious holes in the budget, Gov. Matt Bevin said he was totally against gambling expansion. Regardless, Kentucky- based players might be able to enjoy their favourite casino games without making a trip to a casino based outside state borders. If residents give their consent to the gambling expansion, the bill is to be passed as a constitutional amendment and in this case, Governor’s signature is not required.
For the time being, gambling legislation remains a hot topic and expectations are a final decision to be made in the foreseeable future.
