I'm still in favor of legalizing casinos in Kentucky. But I think Governor Beshear's announced plan is flawed on many levels.
First, twelve casinos is simply too many for a state our size. Much-larger Indiana doesn't have twelve. Nor does Illinois, which has around three times more citizens.
Second, some of the proposed locations make no sense. Kentucky will benefit most from large-scale, resort type casinos, in places that'll attract out-of state visitors. But casinos in places like Prestonsburg, Whitley County or Laurel County would likely draw almost all their business from the locals -- a relatively impoverished population that can least afford to indulge a gambling habit.
And finally, the oppressively high proposed tax rate on gambling revenues will make it hard to find companies who want to do business here. A more reasonable one would not only raise their interest level, but also make them willing to pay an even bigger license fee than the one currently being proposed.
As it stands, this proposal is a loser. It needs fewer and better locations, and a more attractive tax structure. But if our legislature has the will and the wisdom to make those changes in the next few weeks, it can still turn out to be a winner.
What do you think? Call and let us know.
I'm Bill Lamb, and that's my...Point of View.
