FRANKFORT, Ky. (AP) - Gov. Steve Beshear is heartened that lawmakers are discussing sources of revenue to bolster Kentucky's financially troubled pension system for government retirees.
The second-term Democrat said he's good with one of the latest options being floated in Frankfort, allowing slot-like machines to be installed at horse racing tracks statewide and taxing the proceeds to generate cash for pensions.
In Kentucky, slot machines are banned. But two tracks have installed similar "Instant Racing" machines that allow people to wager on the outcomes of past horse races. House Speaker Greg Stumbo said he believes Instant Racing could generate wagers totaling $1 billion a year if expanded to additional tracks. Taxing those wagers could produce some $30 million for pensions.
A legal challenge to Instant Racing is pending before the Supreme Court.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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