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What's up with the laws on gambling?

Sun. November 23, 2008; Posted: 11:37 AM
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Nov 23, 2008 (Reading Eagle - McClatchy-Tribune Information Services via COMTEX) -- PENN | Quote | Chart | News | PowerRating -- Penn National Gaming Inc. has seen changes recently in several of its jurisdictions. Here is an update on several:

Kansas

Penn National had proposed gaming facilities in two of four zones that were opened for bid in Kansas, arguing that it could make the economies of scale work. But it was selected as builderoperator only for one of the state-owned casinos, in Cherokee County, in May.

Then, a casino owned by the Quapaw tribe opened just over the Oklahoma state line -- literally, Penn National spokesman D. Eric Schippers said, across the street; so close that its parking lot is in Kansas.

Saying that it could not compete effectively with just the single site, Penn National pulled out of the process and subsequently has been sued by Kansas, which reopened the bidding.

But gaming industry insiders doubt that there will be any other takers. Penn National also has been sued by the firm that owns the land on which the Cherokee County casino would have been built.

Maryland

On Election Day, Maryland voters approved the addition of 15,000 slot machines to be divided between five sites, or zones. Penn National has an option on some land in one of those zones, in Cecil County, where up to 2,500 slots would be permitted. It has proposed a $125 million facility as part of a development should it get the go-ahead.

Ohio

Penn National opposed and helped fund an effort to defeat a ballot measure that would have granted a casino monopoly to one operator in the southwest part of the state and would have banned slot machines at Ohio racetracks, including Raceway Park in Toledo, which is owned by Penn National.

It also owns the nearby Argosy Casino in Indiana. Both potentially would have lost business. Schippers said the industry hopes to initiate talks with Ohio about the potential for slots at racetracks.

Missouri

Missourians voted to eliminate loss limits that capped at $500 the value of chips or tokens gamblers could buy within a two-hour period. Schippers said the limits were so low that gamblers would go to other states. Penn National has an Argosy casino in Riverside.

Colorado

Voters approved Amendment 50, which, among other things, allows for an increase in betting limits to $100 from $5 in the state's three gaming jurisdictions of Cripple Creek, Central City and the location of Penn National's Bullwhackers casino, Black Hawk, provided that voters in those areas approve the changes. The changes would go into effect in July.

Maine

Voters rejected a proposal for a casino in Oxford County that would have offered some competition to Penn National's Hollywood Slots Hotel and Raceway facility in Bangor, which is the state's sole casino.

To see more of the Reading Eagle, or to subscribe, go to http://www.readingeagle.com. Copyright (c) 2008, Reading Eagle, Pa. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on Penn National Gaming Inc (PENN) click here. Penn National Gaming Inc (PENN) has Short Term PowerRatings of 7. Details on Penn National Gaming Inc (PENN) Short Term PowerRatings is available at This Link.

    


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