Free-Play Blackjack
Free-Play Table Games
Free-Play Slots
Free-Play Poker
Free-Play Video Poker
500 Nations Casino

Live Dealer

Beshear's video slots plan

#1 Casino Choice of U.S. Players
Blackjack • Slots • Table Games • Live Dealer • Video Poker
0 $3,000 Casino Welcome Bonus!
0 $3,750 Crypto Welcome Bonus!  BOVADA CASINO
June 9, 2009

Gov. Steve Beshear released details of a new bill Tuesday morning that was developed in concert with statehouse Democratic leaders to provide millions of dollars to Kentucky's equine industry and tax breaks for vehicle owners and active military duty in addition to raising hundreds of millions for the state treasury.

"Kentucky's signature horse racing industry is in a state of crisis,"
Beshear said in a statement. "I believe my proposal will help level the playing field for Kentucky's horse industry."

Under the plan racetracks would pay an initial application fee of $25,000 plus licensing fees on a sliding scale up to $100 million to install video lottery terminals (VLTs) that simulate slot machines, pokers, and other casino games.

Some examples of licensing fees are: Turfway Park would pay $100 million, Churchill Downs in Louisville and Keeneland in Lexington would each pay
$75 million, and Thunder Ridge in the east Kentucky mountains would pay $20 million. Licenses would be for 10 years.

State Rep. Dennis Keene, D-Wilder, who chairs the House Licensing and Occupations Committee, said "In order for the VLT (video lottery terminal) legislation to pass, we must ensure it will help and support every region of our commonwealth, not just the areas with racetracks."


. Beshear's plan assumes that video gambling at the state's race tracks would generate $796.7 million and provide $297.6 million to the state's
general fund in the first year casinos of operation. By the sixth year,
revenue is projected to exceed $1 billion with the general fund receiving about $270 million.

. Gaming revenue would be taxed at 25% for five years and then 35% after five years. The horse industry would receive 14.5% of the money to boost purses and offer breeding and other incentives. The horse industry also would receive other tax breaks on the costs of breeding, feed, equipment, etc.

. The casinos would offer video gambling devices known as Video Lottery Terminals (VLTs), which provide players with slot machines, poker and other casino games on video monitors. The Kentucky Lottery Corp. would regulate and oversee casino operations.

. Taxpayers would receive a $30 million non-refundable individual annual income tax credit equal to 50 percent of the state property tax paid on registered motor vehicles. The state income tax credit could not exceed $500 a year.

. All active duty military personnel would be exempt from individual income tax saving them $18 million a year.

It is unclear if Beshear has the votes to pass the gambling bill.

Return to Kentucky Casinos.

Disclaimer: All images are copyright to their respective owners and are used by 500 Nations for informational purposes only.

500 Nations is an independent directory and information service free of any gaming operator's control and not affiliated with any casino.
Warning: You must ensure you meet all age and other regulatory requirements before entering a casino or placing a wager. There are hundreds of jurisdictions in the world with Internet access and hundreds of different games and gambling opportunities available on the Internet. Do not assume that Internet gaming sites are in compliance with the rules and regulations of every jurisdiction from which they accept players. YOU are responsible for determining if it is legal for YOU to play any particular game or place any particular wager under the laws of the jurisdiction where you are located.