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Your assignment is to prepare and submit a paper on casino gaming in kentucky: revenues in the modern competitive era.
Your assignment is to prepare and submit a paper on casino gaming in kentucky: revenues in the modern competitive era. Regarding the many concerns that legalizing casino gambling would bring about a social catastrophe of unequaled proportions, the same report dismissed such predictions as increases in divorce and family problems related to gambling as purely speculative and inappropriate for consideration in any final decision. However, it should be noted that the report was commissioned from “Price Waterhouse Coopers, a national accounting and consulting firm…after Kentucky’s governor floated the idea of creating casinos to raise money for the horse industry, for cities, and for the preservation of farmland and natural areas”. Thus it could be charged, or at least legitimately suggested that the result would not only favor legalization but would dismiss other concerns not directly related to improving the economy. This is especially true given the support for expanded casino activities by the race horse industry, a powerful influence in the state, which stands to gain significantly from an increase in legalized betting.
Proposals in 2008 made by Governor Beshear had serious implications for the horse racing industry, since up to seven licenses for horse-racing tracks and up to five free-standing casinos were suggested. If state lawmakers and voters approved his plan, Kentucky would be the last of the five states that border Ohio to adopt casino gambling.The free-standing casinos in Kentucky would require a voter referendum in the cities or counties where they would be situated. The track casinos could be either at raceways or on other land within the county where the track operates. The enticement was also clear with financial projections estimated at $600 million in revenues—all slated for education, health and a variety of social, cultural and economic programs suffering under budget cuts. (Bordering Kentucky’s Governor…par. 4) There is little doubt that liberal casino gambling laws in surrounding states have had their effect, particularly on horse race gambling in Kentucky, where betting on horses is somewhat of a tradition if not especially supportive of its economy. Statistics suggest that when it has been introduced into existing pari-mutuel horse racing markets, casino gambling has resulted in a significant decline in wagering in that state. A decline has been observed in other areas where casino gaming has been introduced into an existing horse-racing market without expanding betting options at or near tracks. The industry, as might be imagined, is promoting the expansion to include casinos nearby tracks as well as onsite electronic betting options to attract more betting on the ponies.
