Ohio approves slot machines to help fill a $3.2 billion gap in the state's budget
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(Reuters) - Ohio Governor Ted Strickland and state lawmakers reached an agreement on Friday to help fill a $3.2 billion gap in the state's budget by allowing racetracks to install slot machines.
Shares of racetrack operator MTR Gaming Group Inc (MNTG.O), which had risen on earlier reports that Strickland was considering issuing an executive order authorizing the slots, ended the day with a gain of more than 50 percent.
"Under the bipartisan agreement, I will issue a directive instructing Ohio's lottery director to expeditiously take all necessary actions to implement video lottery terminals at Ohio racetracks," Strickland said in a statement.
He has said the plan to legalize video slots at the state's seven racetracks would raise about $933 million over the course of Ohio's two-year budget.
The final budget agreement "is not only balanced, but invests in education without raising taxes on Ohioans," Strickland said.
Ohio voters have repeatedly rejected efforts to allow casino gambling in the state -- most recently last year.
Shares of MTR Gaming, which operates a horse track in Columbus, Ohio, rose $1.17 to close at $3.48 on Nasdaq.
Other companies potentially benefiting from the expansion of gambling in Ohio include slot machine makers Bally Technologies Inc (BYI.N), WMS Industries (WMS.N) and International Game Technology (IGT.N).
Shares of Bally rose 3.5 percent, while WMS rose 4.2 percent and IGT rose 2.1 percent -- all on the New York Stock Exchange.
Casino operator Penn National Gaming Inc (PENN.O) would be able to add slots to its racetrack in Toledo, Ohio but would face increased competition for its largest riverboat in Lawrenceburg, Indiana, Brean Murray Carret analyst Ryan Worst said in a research report last month.
He also said Pinnacle Entertainment Inc (PNK.N) would be hurt by increased competition for its Belterra riverboat in Indiana.
Shares of Penn fell 1.9 percent on Nasdaq, while Pinnacle's shares ended the day on the NYSE with a gain of 0.5 percent. (Reporting by Deena Beasley; Editing by Tim Dobbyn)
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(Reuters) - Ohio Governor Ted Strickland and state lawmakers reached an agreement on Friday to help fill a $3.2 billion gap in the state's budget by allowing racetracks to install slot machines.
Shares of racetrack operator MTR Gaming Group Inc (MNTG.O), which had risen on earlier reports that Strickland was considering issuing an executive order authorizing the slots, ended the day with a gain of more than 50 percent.
"Under the bipartisan agreement, I will issue a directive instructing Ohio's lottery director to expeditiously take all necessary actions to implement video lottery terminals at Ohio racetracks," Strickland said in a statement.
He has said the plan to legalize video slots at the state's seven racetracks would raise about $933 million over the course of Ohio's two-year budget.
The final budget agreement "is not only balanced, but invests in education without raising taxes on Ohioans," Strickland said.
Ohio voters have repeatedly rejected efforts to allow casino gambling in the state -- most recently last year.
Shares of MTR Gaming, which operates a horse track in Columbus, Ohio, rose $1.17 to close at $3.48 on Nasdaq.
Other companies potentially benefiting from the expansion of gambling in Ohio include slot machine makers Bally Technologies Inc (BYI.N), WMS Industries (WMS.N) and International Game Technology (IGT.N).
Shares of Bally rose 3.5 percent, while WMS rose 4.2 percent and IGT rose 2.1 percent -- all on the New York Stock Exchange.
Casino operator Penn National Gaming Inc (PENN.O) would be able to add slots to its racetrack in Toledo, Ohio but would face increased competition for its largest riverboat in Lawrenceburg, Indiana, Brean Murray Carret analyst Ryan Worst said in a research report last month.
He also said Pinnacle Entertainment Inc (PNK.N) would be hurt by increased competition for its Belterra riverboat in Indiana.
Shares of Penn fell 1.9 percent on Nasdaq, while Pinnacle's shares ended the day on the NYSE with a gain of 0.5 percent. (Reporting by Deena Beasley; Editing by Tim Dobbyn)
reuters
Comment
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Comment by Tara on July 12, 2009 at 10:33pm
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Cha ching...cha ching....cha ching. It's just another way to profit off of societies addictions/ills; gambling, smoking, drinking, ect.... Hasn't anybody noticed how much the taxes have went up on all of thee above in the last ten years? Government is making a killing (pun intended) on the back of all of us that partake in recreational activities, whether addicted or not!
What about all of the state lottery earnings too? That's gambling with a capital G!
They don't care about addictions....they are waiting on the check in the mail attached to the ass of some broken down citizen of the US of A, and they would prefer the payment be sent to them by federal express because they love us so!
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Comment by Blakout on July 12, 2009 at 9:18pm
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Usually state governments want to 'protect' their citizens from addictions like drugs or gambling. But apparently some addictions are OK when the state can profit from them. Apparently in this case it will be forced down the citizens throats whether they want it or not as, according to James aka adap2k, "Ohio voters have repeatedly rejected efforts to allow casino gambling in the state". Of course, this may mean that the majority of voters will not gamble - but I doubt it. Either gambling is wrong, or it is not... but government has no ethical standard, this has been proven time and time again, regardless of their protestations to the contrary.
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Comment by truth on July 12, 2009 at 8:36pm
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Ohio voters have repeatedly rejected efforts to allow casino gambling in the state -- most recently last year.
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