RACINOS: THE LAST HOPE FOR KENTUCKY HORSE RACING

Note Written By: William B. Norment III

Kentucky is known throughout the world as a leader in the horse industry. It has eleven horseracing tracks; including Churchill Downs, which has held the Kentucky Derby since 1875. Despite these figures, Kentucky's economy continues to struggle, with an anticipated budget deficit for the 2013 fiscal year of $371 million. Kentucky is a leader in the horse racing industry, but the sport has seen declining profits over the years. In an effort to stimulate Kentucky's economy and save the horse racing industry, Kentucky Governor Steve Beshear has advocated for expanded gaming in Kentucky; most notably campaigning for free-standing casinos and casinos at horse racing tracks (racinos).

This note analyzes the constitutional, statutory, and regulatory approaches of other states with racinos. It then recommends other potential casino statutes and regulations, and argues that racinos are Kentucky's best option to save the faltering horse racing industry. This Note addresses critics' arguments against racinos and ultimately urges voters to pass the proposed amendment.

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