Stumbo: Horse Tracks Could Hold Pension Solution

By: Associated Press
By: Associated Press

House Speaker Greg Stumbo says horse racing tracks could generate up to $30 million a year in tax revenue for the state's financially troubled pension system by installing slot-like machines and then taxing the proceeds.

In Kentucky, actual slot machines are banned, but two horse tracks in the state have installed slot-like machines, called instant racing machines, that allow people to wager on the outcomes of past horse races.

Stumbo said he believes instant racing could generate wagers totaling $1 billion a year if expanded to additional tracks. Taxing those wages could be a boon for the pension system.

Stumbo has also proposed raising the state's cigarette tax from 60 cents to $1 a pack in a move he said could generate $100 million a year for the pension system.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:
WBKO 2727 Russellville Road Bowling Green, KY 42101-3976 Phone: 270-781-1313 After Hours Hotline: 270-781-6397 Fax: 270-781-1814
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 191454891 -
Gray Television, Inc.