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Casino Gambling Expansion Likely in State of Kentucky

Casino Gambling Expansion Likely in State of Kentucky

Churchill Downs, the racetrack operator, recently confirmed his plans to pursue the expansion of casino gambling in the state of Kentucky. Downs is keen to add the support of slot machines and other casino games to instant racing which is already offered in the state.

In response to Downs’s plans, Larry Clark, who is a Kentucky state representative and a Louisville Democrat, requested that a vote be taken in order to change the existing law to now allow casino gambling. He proposed that up to eight casinos should be allowed in the region.

According to Clark, this move could generate $830 million in gross revenue of which $286 million would be collected as state taxes. Meanwhile, House Speaker Greg Stumbo filed a third constitutional amendment that could allow casino gambling in the state of Kentucky.

Voters in both chambers will be asked to vote on if they are in favor of allowing the General Assembly to pass laws which will allow gambling and if three-fifths approve, the law will be passed. Stumbo has explained that the current constitution allows for state-run lotteries and not casinos and once this constitution is amended, it may enable legislators to feel more comfortable with allowing the expansion of gambling especially since voters will have the last say on this.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.