On Monday an executive order was also signed by Gov. John Kasich to speed up the
approval time for the Lottery Commission to approve slot machines in racetracks.
The executive order gives permission to the Lottery Commission to pass the new
rules and not wait the standard 75 day review process. This would benefit the
racetrack owners and casinos in allowing for them to have their state gaming
licenses sooner. The governor stated that the state was facing an emergency and
that the revenues that could be earned from the slot machines could help the
Seven of the state's racetracks have been given permission to operate slot
machines. In total, they will be allowed to have 17,500 machines. In the next
four months, license applications are expected to be submitted.
The fee for a license if $50 million. Plus the owners of the racetracks also
must invest $150 million into their casinos. Horseracing operations may not be
subsidized with revenues from the slot machines. In a previous order, terms on
revenue sharing must be made prior to the opening of the casinos or the state
will have the right to make the agreements if they cannot be decided on between
the horsemen and racetracks.
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