Profits From Slots Bill Discussed
(STATEHOUSE) - The Indiana House and Senate have opened negotiations on a racetrack-slots bill, with the discussion focusing on how to maximize Indiana’s cut.
Kurt Wilson, the CFO of Hoosier Park parent company Centaur, says the track can't afford a licensing fee of more than 125-million dollars to install slots. That's 25-million more than the house proposed, but a fraction of the senate's 400-million. Even the house's 100-million-dollar fee would double Pennsylvania's licensing fee, the highest in the nation.
Senator Luke Kenley (R-Noblesville) is counting on the 400-million per track to finance a property-tax reform plan. He says if the tracks aren't willing to go any higher, legislators should consider auctioning the right to run the slots instead of letting the tracks do it.
Representatives of the Belterra Riverboat Casino say Belterra might bid. Kenley notes an auction of slots rights in the Chicago suburb of Rosemont brought a winning bid of more than 500-million dollars.
The Illinois legislature subsequently revoked its authorization of slots, and a lawsuit filed by the victorious bidder is pending.
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