I don't gamble, but I voted yes. Why not? It's already legal anyway. Horse racing. Lottery. Poker machines (might as well be legal, they're all over Kentucky). Why be hypocritical about it? Gambling is gambling, whether it's casinos or the track.

I think they need to take the time to look at what the long term results look like. My gut instinct is heck yes becasue other states make a killing off of KY money! I know Belterra got shut down one day when I lived in Louisville for breaking a law. They got shut down on like a Tues night and lost out on over 1 million dollars on a Tues! Ceasers is huge and stays packed with KY's money! Argosy makes a fortune on KY's money! Why not keep our money and make money off of OH, Ind, Tenn, WV and Mizzo?

I think there is a vote on one being in Prestonsburg at a racetrack there. I've heard rumors that the old "Landmark Hotel" in Pikeville might be a target. I would think it would bring a little crime but jobs + money into the area.

Ashland/Louisa would be a PRIME area because of the KY/OH/WV(especially with Hunington+Charleston so close) tri state area.

I think the Industrial Parkway would be a good location for the Greenup/Boyd Co. area. Easily accessible from US 23 and from I-64, attracting both the Ohio and WV people. I know many, many people who travel hours to Ceasar's to gamble. I have mixed emotions about it being at my front door. If the horse track had stayed in Raceland many moons ago, this end of the state would be in far better shape today. Right Ram, Old Rambler and Cville?

I try to look at this issue in terms of economics and jobs.

 

There is, of course, the social and religious debates.

 

However, in strictly economic terms, casinos create jobs, and casinos bring in revenues. Casinos can create tourist revenues in areas where tourist dollars do not typically generate. Taxes on the incomes of the casinos is one revenue source that's obvious. However, there is revenue from taxes on the incomes of those staffing the casinos, taxes on the goods sold to casinos. Tangently, there is increased income from the vendors to the casinos, which in turn generates more tax revenue. Then, there is the possibility of restaurants, hotels/and motels, etc..

I think the Industrial Parkway would be a good location for the Greenup/Boyd Co. area. Easily accessible from US 23 and from I-64, attracting both the Ohio and WV people. I know many, many people who travel hours to Ceasar's to gamble. I have mixed emotions about it being at my front door. If the horse track had stayed in Raceland many moons ago, this end of the state would be in far better shape today. Right Ram, Old Rambler and Cville?

:thumb:That's right, what could have been. Most people do not realize what Raceland (Chinnville) was. A great part of history.

I feel that this will be an awesome thing for the Commonwealth.

I can answer that question in one word. NO.

Just to make sure people understand the ramifications of this proposal, please look at these numbers:

 

$500.9 million - estimated revenue from license fees 2009

40.65% - tax rate on all wagered income (increases to 50.65% in 2013)

 

To make up the licensing fees, Kentucky casinos require $850 million in LOSING bets in one year.

 

Divide that by the 12 proposed casinos - $70,330,000 required in LOSING bets per casino each year.

 

Divide that by 365 days - $192,000 in LOSING bets per casino per day.

 

The average annual household income in KY for 2006 was $37,046.

 

In essence we are losing 5.2 yearly household incomes per day per casino.

 

Multiply that by 12 casinos and by 365 days, we get the equivalent of...

 

 

22,782 households losing 100% of their household income in one years time. And this only covers the license fee - not salaries, mortgages, expenses, etc.

 

 

The question is - will 12 casinos employ 22,782 households within the commonwealth to make up for all the gambling losses?

 

And for those arguing the fact that we will have out-of-state gamblers, I agree. However, when push comes to shove, odds are that at least 50% of the gamblers will be from KY. That brings our household income losses down to 11,391 households. Still seem worth the $500.9 million that the governor is proposing?

 

Remember, these numbers only include the licensing fee.

Voted Yes!! We already have gambling so why not. Any irresponsible person will find ways to lose their money (bingo, lottery, track, internet, etc). We are in a financial crisis & have limited opportunities in a less than ideal economic state, so why not!! Most can drive to a casino in less than 2 hrs already!!

Just to make sure people understand the ramifications of this proposal, please look at these numbers:

 

$500.9 million - estimated revenue from license fees 2009

40.65% - tax rate on all wagered income (increases to 50.65% in 2013)

 

To make up the licensing fees, Kentucky casinos require $850 million in LOSING bets in one year.

 

Divide that by the 12 proposed casinos - $70,330,000 required in LOSING bets per casino each year.

 

Divide that by 365 days - $192,000 in LOSING bets per casino per day.

 

The average annual household income in KY for 2006 was $37,046.

 

In essence we are losing 5.2 yearly household incomes per day per casino.

 

Multiply that by 12 casinos and by 365 days, we get the equivalent of...

 

 

22,782 households losing 100% of their household income in one years time. And this only covers the license fee - not salaries, mortgages, expenses, etc.

 

 

The question is - will 12 casinos employ 22,782 households within the commonwealth to make up for all the gambling losses?

 

And for those arguing the fact that we will have out-of-state gamblers, I agree. However, when push comes to shove, odds are that at least 50% of the gamblers will be from KY. That brings our household income losses down to 11,391 households. Still seem worth the $500.9 million that the governor is proposing?

 

Remember, these numbers only include the licensing fee.

While I mildly sympathize with idiots who gamble their livlihoods away, that is not my problem. Nor is it the Commonwealth's, the money is being gambled away now. It's hard earned KY money, and it's going to WVA, Ohio, Indiana, Missouri.....we want it back, and we should get it back.

I may be wrong but my take on what Hokie is pointing out is the amount of revenue that is going to need to come from Ky residents. I know I'm concerned that the non resident income is being greatly overestimated.

While I mildly sympathize with idiots who gamble their livlihoods away, that is not my problem. Nor is it the Commonwealth's, the money is being gambled away now. It's hard earned KY money, and it's going to WVA, Ohio, Indiana, Missouri.....we want it back, and we should get it back.

 

In a perfect world, you are correct, and my concerns would not be valid.

 

However, it WILL become the Commonwealth's problem, and in turn WILL become my problem because I pay taxes to the state.

 

There are too many people who wholly rely on the government and think they are entitled to living off the state. While I am for helping those who need help, I have seen too much abuse in the government's social welfare arena to believe this will be good for the state. I'm not just talking about drug addicts and criminals who abuse the system. I'm talking about the people who threaten to sue Louisville's MSD (sewer system) because their cars flooded in a parking lot located in a flood plain. I sympathize with these people, but I also use the common sense approach to buy insurance in case of problems like this. Besides, I know not to park my car or buy a house in the floodplain.

 

Rockpride, people like you and I do not abuse the government. We know when to walk away from the blackjack table and we know that we are the only ones who can make our lives better. Unfortunately, we are a minority who will end up further subsidizing the lives of those who make the mistakes we protect ourselves against. It is for this reason I am against putting casinos in Kentucky. Those who end up gambling their money away end up living off my paycheck. The fewer people who gamble it away, the less money coming out of my paycheck to support them.

I think it's hypocritical to say horse betting is OK but casinos aren't. I'm all for casino's in KY. My locations:

1. Northern Ky (2 casinos)

2. Louisville

3. Ashland

4. Lexington

5. Along 65 just north of Nashville

6. Willamsburg (to attract Tenn folks)

7. Pikeville

8. Somerset

I think it's hypocritical to say horse betting is OK but casinos aren't. I'm all for casino's in KY. My locations:

1. Northern Ky (2 casinos)

2. Louisville

3. Ashland

4. Lexington

5. Along 65 just north of Nashville

6. Willamsburg (to attract Tenn folks)

7. Pikeville

8. Somerset

 

we needs one around Paducah to draw those Memphis, Arkansas & Missouri crowds.

I can't believe they arent putting one in Paducah, but I say bring em on!

 

There will be at the harness track there.