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Tue January 17, 2012
Group Releases Expanded Gaming Study
By Devin Katayama
Frankfort, KY – A new report is out showing the potential tax revenue, generated income and growth that expanded gaming could bring to the commonwealth. The study, commissioned by the horse racing industry, precedes Gov. Steve Beshear's proposal for expanded gaming. The report leaves a lot of unknowns to be determined if Beshear is able to push expanded gaming legislation though. And it warns that the estimated benefits may vary depending on how expanded gaming laws are written. But the report prepared by Spectrum Gaming Group says Kentucky could potentially bring in nearly $1.4 billion dollars in gross revenue in one year. The research firm says in 2010 Kentuckians spent over $500 million dollars gambling in other states. The report touches on potential job growth, saying as many as 11,000 directly related jobs could be created. It further says casinos would provide a much needed funding source to boost the state's racing industry. But the report does not include much evidence to support its estimates and it assumes additional growth like a London/Corbin casino track would develop. Gov. Beshear expects to introduce a constitutional amendment allowing expanded gambling by the end of the month.