Casino Contract Approved By Kansas Lottery Commission
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Penn National Gaming Inc. had been looking for a way to phase their investment for a casino in Southeastern Kansas. The group was hoping the Kansas Lottery Commission would go along with their phasing request.
On Monday, the Commission approved a contract that will allow Penn to build a casino complex in Cherokee County. The deal still needs to be accepted by a review board.
Penn would build the casino complex that would also have a hotel. the company would also run the day to day operations of the complex. The Lottery Commission, however, would own the casino.
The deal that was made would allow Penn National to spread their $225 required investment over twelve years. They will also have to give the state between twenty two and twenty eight percent of the revenue generated from the casino.
Penn National is anchored out of Wyomissing, Pennsylvania. They have casino interests in other states, and now will run the casino in Kansas. If the review board agrees to the contract, Penn would then begin to build the facility.
The Commission was not particularly happy with the agreement to spread the investment over twelve years, but they felt it was the best deal they could get.
Lack Of Funds Makes New York Move Quickly For Racino
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New York is struggling to maintain financial stability just like almost every other state in the country. One way they are trying to raise money intake is to speed up plans for a gambling racino.
Aqueduct thoroughbred track in Queens has been waiting for the state to move forward on allowing them to add gambling machines to their facility. The state, up until now has been slow to move on allowing the gambling.
Now, however, with the economy in a free fall, the state has rapidly picked up the pace to get the gambling at the track. They have begun the process of choosing the developer of the racino.
Three developers have placed bids, and within weeks the state should pick one of them. One of the bidders, Steven L. Green and operators of the Hard Rock Cafe, have vowed to have a temporary facility open by the end of the year should they win the bid.
No table games would be allowed at the new racino. There would be, however, 4,500 video slot machines that would give a boost to the state. Revenue money would go to the state from the machines.
It has been years since the proposed racino has been at the mercy of the state. With the economy struggling, it is no surprise that lawmakers are taking the quickest road towards trying to balance the state budget.