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VLTs Estimated to Bring in $1.2 Billion

AUSTIN, Texas – (PRESS RELEASE) -- The Texas horse and greyhound industries are estimating that the State Legislature will capture more than $1.2 billion in new money with legislation introduced by Rep. Ismael "Kino" Flores (D-Mission) that seeks to legalize Video Lottery Terminals (VLTs) at licensed Texas racetracks.

VLTs are an electronic way of playing the Texas Lottery and are similar in look and entertainment value to a slot machine. The horse and greyhound racing industry support legalization of the highly regulated devices at licensed racetracks, where gambling is already legal under Texas law.

"We applaud Representative Flores and his co-sponsors, Representative Pitts, Representative Ritter, Representative Keel and Representative Turner for their initiative and vision in realizing the immediate economic windfall authorizing VLTs at racetracks would bring to the state," said Bryan Brown, chief executive officer of Retama Park, a horseracing track just north of San Antonio. "The transition to VLTs at racetracks would be seamless as the infrastructure is already in place for quick installation and operation."

The estimated annual tax revenue generated by the operation of VLTs at licensed Texas racetracks is projected to be more than $940 million during the first year of operation, ramping up to more than $1.2 billion annually by the fifth year of operation.

Texans are currently spending billions every year at venues in neighboring states -- gambling is legal in Oklahoma, Louisiana, New Mexico and Arkansas and is on the verge of being legalized in Mexico. Over the past 10 years, Louisiana alone has generated more than $2.5 billion for its state treasury from taxes and fees imposed on state-regulated gaming, and the overwhelming majority of the money has come from Texans.

"Louisiana has enhanced funding for schools and roads and has reduced the need for taxes because of the gambling dollars it earns from Texans," said Tommy Azopardi, executive director, Texas Horsemen's Partnership.

"Thankfully, many in the Texas Legislature recognize we can no longer afford to subsidize other states' governments when billions can be garnered to help pay for needed services and programs in Texas.

"These legislators are working hard to solve the difficult challenges of funding education, reducing property taxes, paying for social services and keeping the Texas economy strong by finding innovative sources of untapped funding," said Azopardi.

Keep Texas Running is a grassroots coalition comprised of close to 9,500 individuals and organizations from the Texas horse and greyhound racing communities, including the Austin Jockey Club, Corpus Christi Greyhound Track, Gillespie County Fair, Lone Star Park at Grand Prairie, Manor Downs, Retama Park, Saddle Brook Park, Sam Houston Race Park, Texas Arabian Breeders Association, Texas Greyhound Association, Texas Horsemen's Partnership, Texas Paint Horse Association, Texas Quarter Horse Association, Texas Thoroughbred Association and Valley Race Park. For more information about the Texas racing industry, log on to http://www.keeptexasrunning.com

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