BESHEAR BETS ON BUDGET
In a rather bold move, Governor Steve Beshear of Kentucky produced a budget that assumes $780 million in revenue from expanded gaming. The problem? Gaming is not yet legal in Kentucky.
Beshear stated Kentucky would need to find an additional $850 million in cuts during the next two fiscal years, compared to about $78 million with it.
Click here for the Courier-Journal article
Then come back to the Paulick Report and let us know what you think
Tags: Courier-Journal, Paulick Report, steve beshear
January 20th, 2010 at 1:07 am
Mr. Beshear had better find a way to cut TAXES that would create new jobs. He should get rid of ALL THE WASTE IN GOVERMENT AND THEN CUT TAXES.
This guy is a absolute joke. Horse racing don’t need to give what little money they have left to introduce their customers to slop machines.
These race track owners are a bunch of thieves and CARE NOTHING ABOUT HORSE RACING.
Thanks
January 20th, 2010 at 8:15 am
I like the tactic. It won’t work, but it will at least get some of these lawmakers to glance at the carrot at the end of the stick. The only way slots will ever come to Kentucky is major legislative changes and this is a way to paint certain lawmakers uncaring to education, social services…… Watch it though, you will also corner some of your own people. I just have a feeling that Williams will out manuever the Gov. again.
January 20th, 2010 at 9:46 am
slots are not coming to ky unless or until legislators take the industry seriously and sit down in a concerted effort to reach a compromise bill that both parties can support. Racetracks can be held accountable by the language in the bill and not left to their own devices which so many object to. There is precedent for supporting industries here in the state. Remember the first time home buyer credit that was passed? The attempt to secure a car race and so many others. I can’t see how all of these outweigh the economic benefit of the equine industry. Each side of the argument has some merit. A solution exists if there is a committment to act. jgs
January 20th, 2010 at 10:05 am
Mr. Sikura, David Williams will never allow any of his people to “sit down” with anyone who favor slots at racetracks unless they are part of a political strategy of his making. I agree with you, in a perfect world, that is how responsible lawmakers would function. There will be no movement on any legislation until the democrats take back the senate. A wise man told me five years ago that Kentucky will never get slots at the tracks. I laughed at him. In light of developments of the last two years, I’m not laughing anymore. Realistic chance of this happening in the next 6 years? 100-1?
January 20th, 2010 at 10:55 am
Ryan, you are right. I am now a complete pessimist regarding the passage of such a bill. It is factual however that legislators are charged with making decisions that benefit the state and industries that are vital within the state. The equine industry certainly qualifies as the leading economic engine within ky and dogmatic politics hurts all citizens as strict adherence to such means no progress. Look at the state of education and so many barometers of progress, we can certainly do better and need a revenue source to fund needed improvements. jgs
January 20th, 2010 at 1:13 pm
John, for well over 100 years, racing thrived as a stand alone business. Now, all of a sudden, it needs a welfare crutch. Why? Wouldn’t it make more sense to address the deficiencies in the business model than to relay on a government entreaty?
I will state, for the last time, an absolute irrefutable aphorism of gambling: You cannot rake 20%+ from betting handle and expect any growth in handle.
January 21st, 2010 at 10:00 am
Phil, You are right to a degree but you ignore a some important points. Racing once had a monopoly on gambling. You now have state governments competing for wagering dollars via lottery and proliferate charitable gaming. Additionally internet wagering on poker and pro sports cuts further into handle. My point is that racing needs additional revenues that only vlt’s can provide. You are right on that authority to conduct such should be conditional upon racetracks committing to presenting a better product and serving the customer in the fashion you suggest but the funds must be available to them. The reality ,unfortunate as it may be is that without purses keeping up with expenses the owner will disappear. You cannot have a healthy industry nor marketplace
when owners cannot recoup there investment based upon current purse structure. I can’t see where racetracks have the resources to raise purses to a level that makes owning a horse appealing without alternative funding such as vlt’s Whether we like it or not you cannot have the most promising horses run at Gulfstream in a $34k maiden when Woodbine runs for 60k at the same condition.