the state’s legislature gave four counties with existing casinos the right to vote on adding table games to its product offerings.

This past weekend the first two counties took it to the voters and the response from the two counties were mixed. While the vote was an overwhelming success in Ohio County, with nearly two-thirds of voters giving their approval, 56 percent of Jefferson County voters said nay to the proposal. The two other counties in question will vote on the measure later this summer.
Ohio County voters approved of the table games bill 7,568 to 3,956 while Jefferson County reported a losing vote of 5,626 to 4,429.

What this means is Penn National Gaming will now not be able to move forward on a plan to add about 80 table games at its Charles Town Race & Slots facility. It’s a big blow to the county and the state’s tax rolls. It’s a devastating blow to the company, but will also affect West Virginia tax rolls.

An analyst’s letter issued this weekend from Bear Sterns noted Jefferson County will again be able to vote on this measure in two years. “The results, admittedly, were a surprise,” said the document obtained by www.onlinecasinocrawler.com.  However, Bear Sterns expects to see just a small dip in the company’s stock by no more than $2 per share. “We think this should be less of an issue at current levels than at $54, where it was earlier last week.”

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One reason for the thumbs down by Jefferson County residents was state Delegate John Doyle, who actively campaigned against the issue. Ironically he initially voted in favor of allowing a referendum by the individual counties.

"We're not given enough tax revenue from the gambling to handle the impact," Doyle told the Washington Post. He also said the county would have to hire more police and emergency workers.

He turned out to be a big reason for the county’s defeat, said Penn National Gaming executive John Finamore in an interview with the AP.

“I think there were a lot of factors in our losing this. He was certainly one of them,” Finamore was quoted as saying. “I think time will demonstrate that he did his constituents a tremendous disservice.”

Meanwhile, confetti was flying and the celebration was on for Ohio County. Now that it’s got the go ahead, Wheeling Island Racetrack and Gaming Center -- according to House Bill 2718 -- will have to pony up $1.5 million for a table game license for the first year and $2.5 million in every subsequent year. All license money is earmarked for in-home health care for seniors.  All profits will also be taxed at 35 percent and be split between many parties. The breakdown includes three percent going to the Lottery Commission, one percent to counties with racetracks, 2.5 percent to horseracing purses and two percent going to breeders. The remainder of the money will go to cut down state debt, sustain racetrack employee pensions and increase the fund collected by non-racetrack counties and municipalities.

This week The Meadows Racetrack & Casino debuts its temporary casino in Pittsburgh and so will begin the true test of what may happen to the numbers of players driving to West Virginia to play. The casino will start off with 1,738 slot machines inside. When open in about two years, the permanent casino will feature 3,000 slot machines that are expected to yield about $108 each per day totaling $118 million.


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