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Thu June 18, 2009
Slots Bill Faces Committee Vote
By Tony McVeigh
Frankfort, KY – At first, House leaders wanted to use revenue from slots to back more than 700-million in bonds to repair and replace aging public schools. Now, they've added capital projects and equipment needs at universities and community colleges, and the price tag has risen to one-point-three billion in bonds. The annual bonded indebtedness to the state would be 143-million dollars. But Martin Cothran of Say No To Casinos doubts slots at racetracks can raise the kind of money supporters claim, especially in a recession. "It doesn't make any sense to us that we are trying to increase the level of gambling at a time when people have less disposable income to gamble. This is why so many casinos are having financial problems."
House budget committee action on the slots bill is pending, with a floor vote expected Friday if the measure clears the committee.