Thursday, February 14, 2008

Momma Needs a New Pair of Shoes

Governor Beshear has released his proposal outlining the specifics for a Bill on expanded gambling:

Who gets what:

-7 racing association licenses available to the following venues. Churchill Downs, Keeneland/Red Mile, Turfway, Ellis Park, Kentucky Downs, Bluegrass Downs and Thunder Ridge.

-5 Free standing casino licenses available in the counties of Daviess, Kenton or Campbell, Boyd or Greenup, Christian, Laurel or Whitley.

-Following preliminary Commission approval, placement of casinos is to be subject to a vote of the residents of jurisdiction.

I guess this is where my questions are. What is the definition of jurisdiction? Will the entire County in which the casino is proposed be considered the jurisdiction or will it just be the city where it will be located.

Here in Christian County the location would probably be near Fort Campbell next to I-24. It could be located in the County or it could be located within the City of Oak Grove. Would all of Christian County vote including Hopkinsville? Would only the County precincts vote or would only the City of Oak Grove vote if it was to be located within their City limits?

Oak Grove City Council has already voted in favor of having a casino but if the entire County voted it would probably be a close vote.

What Will It Cost The Casinos

Casino license fee $50,000

Initial License Fee:
Churchhill Down-$100 million
Turfway-$75 million
Keeneland/Redmile-$100 million
Kentucky Downs-$75 million
Ellis Park-$50 million
Bluegrass Downs-$50 million
Thunder Ridge-$50 million

The Tax They Will Pay

25% of adjusted gross receipts
35% after 5 years
15.65% of AGR rceived by free standing casinos

Who Gets The Revenue

Commisson will retain up to 5 million for operation.
A program on compulsive gambling will receive up to 2 million per fiscal year.

50% to education, including early childhood, primary, secondary and post-secondary.
20% to health care, for those including indigent, seniors and children.
3% to host jurisdictions
5% each to support cities and counties.
17% divided among: Veterans programs, tourism, fish and wildlife,environmental protection, agriculture,livestock research and agricultural easements, substance abuse and economice development in non-host communities.

Creates a 9 member Equine Breed Authority, funded by 1% of adjusted gaming receipts from Racing Association licenses.

It sounds good. Almost too good. I just sure hope that we have a plan "B" if this does not work. I'll let each person be the judge.

No comments: