Provides relative to distribution of certain monies as purses. (8/1/13) (EN NO IMPACT See Note)
Impact
The bill introduces a clear framework for the allocation of purse revenue, detailing that should the amount distributed as purses fall short of the required amount, adjustments will be made to ensure that those involved in racing receive the appropriate funds. This system aims to enhance transparency and fairness in purse distribution, which could incentivize more participants in the horse racing sector and encourage competitiveness within the industry.
Summary
Senate Bill 38 aims to amend the distribution of certain funds related to horse racing purses within the state of Louisiana. Specifically, it outlines provisions for how monies due as purses for horse racing will be managed and allocated, especially in the context of thoroughbred racing facilities where the revenue generated from slot machines is subject to specific limits. This legislation seeks to ensure that any discrepancies in purse distribution are appropriately addressed, thereby supporting the horse racing industry in the state.
Sentiment
While the overall sentiment surrounding SB38 appears to be neutral to positive, primarily within the horse racing community, there are concerns regarding the implications for gaming revenue allocation and the management of financial resources. Industry advocates generally support the bill, believing it will lead to better financial management and stability for thoroughbred racing. Observers have noted the potential for enhanced trust between stakeholders and regulators in overseeing purse funds.
Contention
A notable point of contention in the discussions surrounding SB38 is the stipulation regarding purse revenue generated from slot machines. Skeptics express concerns that restricting purse distribution based on a limited number of slot machines may unintentionally create financial difficulties for some facilities, thereby impacting their operations. The debate reflects broader issues about balancing regulation with the needs of the horse racing industry and ensuring fair competition among racetracks.
Provides with respect to the designated gaming area and the conducting of gaming tournaments at live horse racing facilities (RE1 SEE FISC NOTE GF RV See Note)