Gambling revenue in the United States is soaring to record heights for 2021 and Nebraska will legalise casino facilities at their race tracks throughout the country. Nebraskans voted to legalise casinos hoping to boost racing revenues.
The State of Nebraska moves toward licensed land-based casinos while gambling revenue skyrockets in the US. In November 2020, citizens of the cornhusker state voted to legalise gambling facilities at racecourses throughout the country.
Preliminary licensing framework from the Racing and Gaming Commission, spread over a 67-page document, is reasonable according to Lynne McNally, from the Horsemen’s Benevolent and Protection Association (HBPA). McNally commented, saying:
“The regulations are very comprehensive, they’re heavy on security, integrity, background investigations, all of the things you need to maintain honestly across the industry, and I think they’re great.”
Once they complete the legislative red-tape, Nebraska’s six main horse racing facilities will house casinos, and the hope is that this will breathe life into the state’s racing once more. Its capital, Lincoln, is home to one of the racecourses eligible to open a casino.
The Price Tag for a Lucrative Business
Casino operators will have to pay a pretty penny for a license, but the $1 million cost includes 20 years of trading. The rules prohibit weapons on the premises, except for security staff and law enforcement agents. The racetrack casinos will be smoke-free areas and vendors will need to apply and pay for trading permits. Such a permit will cost $5,000 and the proposal states it would be valid for three years.
Gambling and sports betting is not legal in Nebraska, although horse racing is a popular sport for the citizens. A pari-mutuel betting structure reigns in the state since nearly a century ago, and this pool betting system is an accepted form of betting in most places around the world. There are no fixed odds with pari-mutuel betting and the house takes a small percentage of the pool before the winners take their share. At this stage, it is unclear whether the new legislation will include sportsbooks.
The next step in the process will take place on 17 December, where a public hearing will review and scrutinise the regulatory framework. Should the proposed measures receive approval on this day, they will move on to the governor’s office for final submission. Casino developers hope to break ground in the last part of winter or early spring, next year.
Warhorses in the Race
Nebraska’s six racecourses are in Grand Island, Hastings, Omaha, South Sioux City, Columbus, and Lincoln. The facility based in the state’s capital, plus those at Omaha and South Sioux City, will have casinos managed by Ho-Chunk Inc.
Ho-Chunk is the economic development company for the Winnebago Tribe and they are in partnership with the HBPA. These were the parties who launched the petition to get racetrack casinos approved, intending to boost revenue for the king’s sport.
Ho-Chunk announced their plans to erect a $220 million casino resort at Omaha’s Horsemen’s Park, which will bear the name, WarHorse Casino. The company hopes to give punters a temporary casino while they built the stupendous resort. Lance Morgan, the President and CEO of Ho-Chunk, expressed that the process is new to Nebraskan businesses, but it is taking a little longer than they anticipated.
“These are giant projects, multi-hundred-million-dollar projects, so it doesn’t happen overnight. One of the things we’re looking at doing is finishing some aspects of it first so we can have a temporary facility so we’re hoping maybe late summer we should have some aspects of the gaming operations going in Omaha and Lincoln.”
They earmarked the racetrack in Columbus for a $75 million casino project headed by Harrah’s and Elite Casino Resorts is the selected operator for Grand Island’s Fonner Park.
US Gambling Ripe for the Picking
Gambling revenue in the US has reached record-breaking heights this year as it recovers from the pandemic closures. According to Forbes, the numbers are well on track to reach a show-stopping $44 billion for 2021.
As more states legalise gambling in land-based casinos and online, Nebraska’s lawmakers would set the state up for a huge revenue influx.
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