But opponents cited a 2016 opinion from Kansas AG Derek Schmidt warning that the state\u2019s casinos would likely file suit against the state for breach of contract and demand the reimbursement of millions in revenue-share payments since their establishment in 2008.<\/p>\n
There is a breach of contract. There\u2019s no question those contracts were meant to be punitive,\u201d said Sen. Ty Masterson, R-Andover. \u201cIt\u2019s almost like we have a masochistic desire for protracted litigation. I don\u2019t understand what we\u2019re doing.\u201d<\/p><\/blockquote>\n
The Kansas casino sector is nominally \u201cstate-owned\u201d but the fact that the casinos would sue the state to protect their interests illustrates the reality that they are anything but.<\/p>\n
The bill attempted to address this issue by allowing racetrack owners to submit a letter of credit promising to repay the casinos. Racetrack owners would then be refunded by the state, which would return half of the racetracks’ revenue-share payments until they were quits.<\/p>\n
But for Senator Vicki Schmidt (R-Topeka), this was too convoluted and the risk too high. She demanded to know why the Senate would gamble on undermining a casino sector that had paid $513 million to state coffers over the past decade.<\/p>\n
\u201cWhy would we want to risk that source of revenue?\u201d she asked.<\/p>\n","protected":false},"excerpt":{"rendered":"
A legislative push aimed at rebuilding Kansas\u2019 defunct horse and dog racing industries has fallen at the first fence. SB 427 sought to cut tax rates for racetracks, which supporters argue have been so punitive that they have killed off the once-thriving thoroughbred and quarter horseracing industry in the state. But the bill was narrowly […]<\/p>\n","protected":false},"author":36,"featured_media":76701,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14577,13,18],"tags":[],"acf":[],"yoast_head":"\n
Kansas Horse Racing Revival Bill Dies in the Senate<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n