Northern Kentucky would have two casinos -- one at Turfway Park in Florence and the other in Kenton or Campbell counties -- under legislation legalizing casino gambling that Gov. Steve Beshear unveiled today.

 

Beshear’s bill calls for 12 casinos across the state: seven at the state’s race tracks and five at freestanding locations.

 

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Bring it on!!!!

Food for thought:

Yung pays more than the asking price for Jillians to turn it into a casino.

Beshear announces that either Kenton or Campbell county will get a casino.

Beshear announces that the city has the right to reject a casino.

Covington says it doesn't want gambling.

Yung loses money.

Casino opens in Newport/Bellevue/Dayton.

Covington says they don't want gambling however, lets wait and see I don't think Covington can afford to turn the income and tax producing venue a casino will provide away. JD

I don't really like Covington as the location for a casino. I think one would be a much better fit on the river front closer to Newport.

I don't really like Covington as the location for a casino. I think one would be a much better fit on the river front closer to Newport.

But the traffic situation is already a nightmare there.

After five years, the 25 percent tax rate jumps to 35 percent, making the effective tax rate just over 50 percent. That would be one of the highest, if not the highest, tax rates in the nation.

 

By my quick math, assuming a $70 million / year license fee along with an effective tax of 50%, patrons would have to bet and lose $140 million a year just to cover the license fee. With 12 casinos, that makes $1.68 billion bet and lost just to make up the license fee. As of 2006, the population estimate of Kentucky is 4.2 million people.

 

I know out-of-state people will visit these casinos, but if they combined had 4.2 million visitors in a year, each would have to lose $400 just to cover the license fee.

 

Doesn't sound too smart to me... but then again, I won't be one of those losing $400 a year.

But the traffic situation is already a nightmare there.

I agree. Newport on the river would be a terrible place for a casino. You would see constant gridlock. 471 and Route would become a parking lot.

 

The good thing about the Jillians location is easy on, easy off of the expressway, and there's nothing else there. Plus with the widening of 12th street, it will be able to handle more traffic coming from Campbell County. Covington is nuts if they turn down this opportunity. I also can't believe that Yung doesn't know something that we don't about this..

Bring it on!!!!

 

:thumb::thumb: Agreed.

About time!

I live in Ashland and would like to see this. This would generate alot of money and is a perfect location for since people in Ohio and WV is nearby....

By my quick math, assuming a $70 million / year license fee along with an effective tax of 50%, patrons would have to bet and lose $140 million a year just to cover the license fee. With 12 casinos, that makes $1.68 billion bet and lost just to make up the license fee. As of 2006, the population estimate of Kentucky is 4.2 million people.

 

I know out-of-state people will visit these casinos, but if they combined had 4.2 million visitors in a year, each would have to lose $400 just to cover the license fee.

 

Doesn't sound too smart to me... but then again, I won't be one of those losing $400 a year.

 

I have the same concerns.

I agree. Newport on the river would be a terrible place for a casino. You would see constant gridlock. 471 and Route would become a parking lot.

 

The good thing about the Jillians location is easy on, easy off of the expressway, and there's nothing else there. Plus with the widening of 12th street, it will be able to handle more traffic coming from Campbell County. Covington is nuts if they turn down this opportunity. I also can't believe that Yung doesn't know something that we don't about this..

 

Im with ya Dad. Beshear is a crook, out and out.

Put one in Georgetown, you could make a lot of money off of the Toyota folks.

Put one in Georgetown, you could make a lot of money off of the Toyota folks.

 

Good point.:thumb: