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Casino Gambling Bill to be Introduced

Online casino gambling and land-based gambling each have their own battles to win when it comes to state and federal legislation. With regards to online casino gambling, as it stands, both individual states in the US and the US as a whole have forbidden it by law. Concerning land-based gambling, the US allows it only where it has granted authorization, in locations such as Las Vegas and Atlantic City, among others. When it comes to land-based gambling, the expansion or contraction of gambling is first and foremost up to the state.

Senate leaders in Kansas are planning to introduce a casino gambling bill in the state legislature to help pay for a court-mandate in public school money. This bill, which promotes expanding gambling in the state, does not seem to have the support needed for passage. However, government officials feel it is time to facilitate the process. Right now it’s all about picking up the necessary 21 votes for bill passage from both pro- and anti-casino gambling officials.

Existing revenues, including cash revenues, could help finance the plan’s first year. Initially, the state’s share was estimated at between $200 million and $300 million a year. Seventy-five percent of that money could be used for education and the rest for local property tax relief. However, within three years of this spending plan, there would be a $600 million dollar hole in the budget, according to projections of the increased school spending and other budget needs in its second and third years. It is unclear how it will affect the casino gambling bill, but the alternatives regarding the state budget for education without the casino bill passing, are all quite dire and dismal.

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.

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