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Executive Order Signed to Approve Racetrack Slots Faster

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October 18, 2011

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 state.

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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