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Casino Gambling May be Coming to Kentucky

Casino Gambling May be Coming to Kentucky

A state legislator in Kentucky, Rep. Larry Clark, has pre-filed two bills for the 2014 legislative session which could lead to the legalization of casino gambling in the state.

Casino Gambling May be Coming to Kentucky

Two bills have been filed for the next legislative session which could result in up to 8 casinos being built in the state.

One of the bills would authorize a referendum asking voters whether they support adding language to the state constitution which would allow the legislature to pass laws permitting casinos.

The second bill would allow casino to be built at five Kentucky racetracks and three other locations in the state. Copies of the bills will soon be available on the state legislature’s website.

It is thought that casino gambling will be high on the Kentucky legislature’s agenda next year.

The issue has been discussed on and off for the last two decades, however, over the last six years supporters of casinos have been pressing the issue far more aggressively, mainly because of the rapid casino expansion in neighboring states.

The bill would require racetracks to set aside 14.5% of casino revenues for purses and breeding awards. Racetrack casinos would pay a 25% tax rate for the first three years and 30% thereon. The other casinos would pay 30.5% tax for three years and then 44.5%.

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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