Texas Casino Expansion Hits State Election

The prospect of casino expansion in Texas this week has definitely taken a hit, according to one gaming analyst.

Three leading supporters of Texas House Speaker Joe Strauss, a Republican, have lost the reelection bid of conservatives who oppose the game.

Strauss is considered a moderate who supports the expanded game. His family owned a major stake in the Ritama Park racetrack near San Antonio, which was acquired by Pinnacle Entertainment in April for $22.8 million. His family still owns a minority stake.

The biennial Texas Legislature was expected to revisit the casino game issue during the 2013 session.

Billerner, the president of the Union Gaming Group, said that as lawmakers become conservative, supporters of the game may think that Texas casinos are not going to sell well. In 2011, the Game Act failed because it did not gain serious traction.

“[This] doesn’t bode well for the future of game expansion,” Lerner said. 온라인카지노

It’s a hassle to approve the game. It requires a two-thirds majority in the legislature to amend the state’s constitution and pass statewide voter voting.

The interests of those who enjoy the game are also mixed. The two main groups that lobby for the game are divided into securing slots at racetracks and allowing destination casinos.

“There’s a lot of roadblocks lying around for Texas to get through the game expansion soon,” Lerner said.

Pinnacles can have both ways.

The company acquired Retama Park to protect interest in L’Auberge du Lac, which could be hurt by the Texas game’s expansion, just in case the game becomes legal. Pinnacle draws about 37 percent of its annual cash flow from L’Auberge.

“In our view, the acquisition was a defensive move in case Texas got the expansion game through,” Lerner said. “The fact that the Texas Congress lost three supporters for the game and became more conservative in the process is positive for Pinnacle’s stock overall, along with other Louisiana operators drawing significant visits from the state.”