Slots Machine News at Indiana Horse Tracks

Government bargains can sometimes be like bargains with Darth Vader.

You know, where Lando Calrissian betrays Han to save Cloud City, then Vader begins to double-cross Lando almost immediately?

"I am altering the bargain. Pray I don't alter it further."

Take the state of Indiana, for example.

Around three months ago, Indiana lawmakers made a bargain with two local horse tracks. In exchange for $250 million dollars a year paid to the state, the race tracks could run a certain number of slot machines at their sites. This would make these tracks so-called "racinos".

Apparently, the slots concessions were grossly undervalued by the state.

This opened the door for the race tracks to sell their slot machine permits at a large profit. When rumors this might happen hit the state capitol, Indiana Governor Mitch Daniels didn't like it one bit. Now, the Fort Wayne journalgazette news reports that Indiana politicians are altering the bargain just three months into the deal.

GREED IS GOOD

They want their cut of the action, although it received its yearly $250,000,000 cut of the action already.

Indiana has an out for this kind of contingency. If the slots permits are sold within five years, the state gaming commission would have to approve the transaction.

Now, Gov Daniels wants the Gaming Commission and Horse Racing Commission to adopt "emergency rules". These rules would stipulate that an approved sell of the permits would have to take into account "the taxpayers of the state".

In other words, the new stipulation is a sell of the permits would require the state to get another share of the profits. Guess it's the price of doing business.

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Slots Machine News at Indiana Horse Tracks