UPDATE|Stumbo to propose slots at tracks, no casinos

UPDATED THROUGHOUT 3:10 p.m. and again at 3:53

Rep. Greg Stumbo, D-Prestonsburg, said he's looking at filing an amendment to a casino bill that would allow slots and electronic gaming at racetracks, but not full casinos.

Stumbo said he now believes full-blown casinos would be the death-knell of smaller racetracks.

"In my view, it's the only way to save the casino gambling amendment," Stumbo said.

He has proposed similar legislation in the past.

Stumbo said he informed House Speaker Jody Richards of his plan. UPDATED: Stumbo said Richards told him he could present his plan to the House Democratic caucus. The caucus is huddling in a pivotal meeting later Thursday to discuss, among other things, potential revenue raising measures. But Richards said on his way to that meeting that they likely wouldn't have enough time to deal with that issue Thursday.

"The Speaker told me to proceed. I don't know if that was a blessing or a 'see-you-next-week in church," Stumbo said.

Richards later said that he and other Democratic House leaders are not pushing for this version.

"It might complicate things," he said, adding that the only way he would put his full backing behind it is if the casino subcommittee he created to review the issue approved that draft.

"It's an entirely different measure because it deals only with slots," Richards said. "It hasn't been vetted. I can't support it until my task force looks into it."

The version of the constitutional amendment that would allow casinos in Kentucky that was endorsed by that panel calls for nine full casinos with slots and table gaming. Five casino licenses "may" be at horse race tracks -- a point of contention with the horse industry that wanted stronger assurances that tracks would get licenses.

House leaders agreed to move that version of the amendment, which passed out of another committee late last week, on to the House floor on Thursday. But leaders agreed Thursday that they are still far from nailing down 60 votes needed to pass a constitutional amendment out of the House and to the Senate.

- Ryan Alessi

Comments

[House Hick]

Is Jody that stupid? Doesn't he realize that Stumbo does this, it gets passed, then he (Stumbo) swooped in and saved the day while Jody stood by looking like a dumb-.
Actually, the untold side of Stumbo returning to leadership is this. It doesn't matter if Stumbo kicks Jody out and takes the speakership or takes Rocky's place when he resigns to become Beshear's Energy Cabinet secretary...why doesn't it matter? Because either way, Stumbo is in charge. During Stumbo's years as floor leader and Jody was speaker it didn't matter because other legislators, lobbyists and others in the halls of power knew then as they will again that Stumbo called the shots and that legislators deferred to him. Jody was just window dressing. If Stumbo returns to leadership it'll be the same regardless of where Jody is including the speaker's chair. This is unlike David Williams who is truly the senate president...like him or not, I can assure you that unlike Jody, David is actually in charge...no way, that David would be president and take orders from that egomanic Dan Kelly. Poor Jody-he probably doesn't even realize it.

[Elizabeth]

The H-L reports today that reform legislation for child welfare has died.

I guess that legislators have been too busy trying to figure out the casino-slots money distribution to spend time reading bills that will help prevent abuses in critical decisions about families. And the state actually opposes training social workers in ethics??

I really resent the time/energy that our lawmakers have put into this. They were elected to serve the people, not just the owners/stockholders of racetracks and casino operations.

Bravo to the Herald-Leader for its stories that focus on how the government works and the needs of real families.

Shame on our legislators. Mr. Stumbo serves people who would have been helped by the child welfare reform legislation that he has not pushed. Instead he is concerned about things like slot machines and his buddies' retirement accounts. Shame on them.

[Dome Dweller]

Not a Williams fan by any means but have to agree with House Hick here. Richards may or may not be the House Speaker but as soon as Stumbo is in leadership it won't matter. Stumbo will be the boss!

[Jim Anderson Stivers]

LIFT FROM PREVIOUS POST;

David would be president and take orders from that egomanic Dan Kelly. Poor Jody-he probably doesn't even realize it.

Posted by: House Hick | March 06, 2008 at 03:20 PM

Has it even been a sixty days, since Stumbo returned to the House? Didn't take him long to become "the decider" . . . and Governor Beshear said he would be THE DECIDER.
hmmmm.

FACT:

If you look at the stats on returns to the house the table games are the least profitable. It is the slot machines that generate the most money, the fastest. So, even if the Tracks loose the TABLE GAMES they still get over 80% from the slots.

A one dollar slot, in a ten hour time frame produces $800.00 profit for the Casino.
Now multiply that by any number of slots you want, but start with at least 300.

Sly old Fox Stumbo. I sure hope people see thru this.

"I just wanna say!"

Jim Anderson Stivers
Frankfort, KY.

[Jim Anderson Stivers]

By Dennis Cauchon, USA TODAY
The USA is becoming the land of slot machines.

Thirty-seven states now have slots, and that number could rise to more than 40 if voters and legislators approve proposals under consideration this year.

Even in Las Vegas, gamblers are spending more time at slot machines and less at blackjack tables and roulette wheels. High-rolling gamblers from Asia still head to tables, but most Americans prefer electronic games, says Andrew Smith, research director at the American Gaming Association, a trade group.
BIG BET: More states rolling the dice on slots

"For people who've grown up using computers and playing video games, today's slot technology is like second nature to them," he says. Slots are especially popular in rural, less affluent markets where many new, smaller casinos are being built,

What's the best way to play the slots? "Don't," says Bob Hannum, a University of Denver statistics professor and author of Practical Casino Math. Slots are all luck, no skill, he says, and, unlike popular perception, machines are never hot or cold or overdue for a jackpot.

Today's computerized slot machines generate thousands of random numbers every second, even when nobody is playing them. The number selected — represented in cherries or other symbols — depends on the nanosecond a gambler pushes the button. Press a button 1/100th of a second sooner or later, and the number is different.

"It's a myth that if a machine hasn't been hit for 10 hours, it's due. There's even a name for that erroneous thinking: the gambler's fallacy," Hannum says.

According to Nevada statistics, slot machines take less of a gambler's dollar, on average, than other games: 94% of what's bet is returned in prizes vs. just 87% in blackjack. But gamblers often put slot winnings right back into the machine, rather than their pockets.

Because most gamblers expect to lose money, especially if they play long enough, slot players have gravitated to flashier games featuring bonus wheels, more ways to bet and pop-culture themes.

"What's new in slots and gaming? We're trying everything. Anything for a hit," says Ed Rogich, vice president of marketing at International Game Technology. IGT introduces hundreds of game variations a year. That includes themes related to Star Wars, I Love Lucy and Elvis.
Slots are increasingly connected to central computers that let slot managers know who is playing on a specific machine and the gambler's betting history. The manager isn't allowed to adjust the odds for different gamblers, but he might come out on the floor to thank the bettor and offer a gift such as a free meal.

For prizes, slot machines typically pay back 85% to 98% of the money that gamblers put in. In Nevada, the average is 94% for the gambler and 6% for the casino. The casino's share — worth $8.5 billion last year in Nevada — goes for profits and expenses, such as wages and taxes.

Michael "the Wizard of Odds" Shackleford, a gambler, former Social Security actuary and author of Gambling 102, has spent thousands of dollars testing slot machines in Las Vegas to see how payouts are structured. "As a rule of thumb, the nicer casinos run tighter slots," he says. That means they pay less.

Generally, the higher the minimum bet, the greater the amount of money returned to bettors, he says. So a $1 machine pays back more than a nickel machine. An everyday slot player can't tell the difference between a generous machine and a stingy one. "It's easy to get lucky on a tight machine and unlucky on a loose one," he says.

Shackleford's advice: "Don't play the slots. But if you absolutely must, play a simple machine that doesn't have (a) grand theme — like a movie or TV show.

And stay away from places where you're a captive audience, like airports, because the payout is lower."

Slot machines featuring the biggest jackpots return the smallest amount in total prizes, according to Nevada Gaming Control Board data.

Big-jackpot "progressive" slots work like state lotteries: a portion of losing bets from many gamblers are rolled into ever-larger jackpots that can exceed $10 million.

These "Megabucks" slot machines put back only 87% of money into the prize pool. That's worse than ordinary slots. But it's much better than state lotteries, which put only 50% of gambled money into jackpots.
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[Commenter]

Someone needs to ask Scumbo (D-Deadbeat Dad City) if he supports slots at Thunder Ridge. He's already said he doesn't want Thunder Ridge to get a full casino. One of you reporters need to get him on the record about this.