by Tom Loftus –
(Photo: Getty Images )
FRANKFORT, Ky. – Two Louisville senators – one a Democrat, the other a Republican – are hoping to boost support for expanded gambling in Kentucky by dedicating profits from the games to Kentucky’s beleaguered pension funds.
A proposed constitutional amendment legalizing casino gambling proposed Tuesday by Sen. Morgan McGarvey, the Democrat, and Sen. Julie Raque Adams, the Republican, would dedicate 90 percent of revenues in the first 10 years of operations to the Kentucky Retirement Systems and Kentucky Teachers’ Retirement System.
The remaining 10 percent would boost purses in Kentucky horse races.
McGarvey and officials of Greater Louisville Inc., the Louisville metro chamber of commerce, unveiled the amendment at a news conference at the Capitol Annex.
“When it comes to gaming, reasonable minds can differ, but gaming is already here. Eighty percent of Kentuckians live within an hour of a casino,” McGarvey said. “We just have to choose if we want to benefit from it.”
Kent Oyler, president and CEO of GLI, said “every year the commonwealth continues to see hundreds of millions of dollars flow across state lines in gaming revenue, $546 million to be exact. These are dollars that could be going toward our state deficit and our significant pension obligations.”
Also speaking at the news conference was Tom Denton, who recently retired from Jefferson County Public Schools after teaching for 33 years.
“My concerns today are that after years of service to my community that there will be no resources there to take care of me when I need them,” Denton said. “I’m also worried about the message that leaving the pension system unfunded sends to current teachers and those considering the field of education.”
Dedicating gambling proceeds to the pension funds is a popular selling point for the amendment this year, but the measure again appears to face long odds in getting through the General Assembly.
As a constitutional amendment, it requires a super majority of three-fifths of members of the House and Senate to pass. It failed to reach that mark in the past eight years when it was backed by Democratic Gov. Steve Beshear.
And the gambling amendment is opposed by Republican Gov. Matt Bevin.
