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LOUISVILLE, KY. (WDRB) -- Governor Steve Beshear is pleased lawmakers are trying to figure out a plan to fix Kentucky's troubled pension system.
One option would allow slot-like machines to be installed at horse racing tracks statewide. Proceeds would be taxed to generate cash for pensions. The state pension system is underfunded by about $30 billion.
House Speaker Greg Stumbo says he believes Instant Racing could generate wagers totaling $1 billion a year if it was expanded to additional tracks. Taxing those wagers could produce some $30 million for pensions.
A legal challenge to Instant Racing is still pending before the Supreme Court.