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House approves Pa. slots
By Local sources
HARRISBURG, Pa. -- The Pennsylvania House of Representatives has approved a bill legalizing slots at state racetracks.
The vote was 120-81.
The measure allows slots at 11 sites, nine at tracks and one each in Philadelphia and Pittsburgh. Licenses to operate slots will cost $50 million.
In addition to the state's share of the slots revenue, the tracks would keep 46 percent and 18 percent would go to subsidize purses. Two percent would be allocated to the municipalities where tracks are located.
When the Pennsylvania Senate approved slots legislation several weeks ago, the bill restricted the machines to eight racetracks. How the Senate will react to the expansion to additional sites is yet to be determined, but a conference commitee consisting of House and Senate members will attempt to reconcile their differences. Governor Ed Rendell has long been a strong advocate of slots legislation.
I've noticed on my trip, that the casinos would rather have any denomination of slot machines over table games,
it used to be that nickel slots were non-existant in AC, now they are everywhere and they even have penny machines,
for any investors out there, IGT could be a decent company to own if for no other reason than the shift in the casino's philosophy.
In 1998 the Department of Justice brought charges under the Wire Act against 22 American citizens involved in managing foreign-based sites. "You canít hide online," Janet Reno, the attorney-general, warned Internet betting operators, "and you canít hide offshore."
If you want to buy IGT, you've already missed the boat I think...I was just discussing that with a friend while driving to the new casino in town about how IGT's stock has skyrocketed...I think they are looking to split 2 for 1.
Yes nickle and penny machines are now very common and many vegas casinos are depending on them to generate some income (played mostly by locals). Reno is pretty much dead with all the indian casinos opening up in Nor Cal.