Regional casino operators in nearby states avoided new competition when the Kentucky Senate refused to advance an expanded gambling bill out of committee yesterday. Among the gaming companies most likely to enjoy rewards from the Kentucky result are Penn National Gaming (PENN: 26.56 0.00%) and Pinnacle Entertainment (PNK: 11.01 0.00%).

Brian McGill of Janney says the bill has no real hope of revival, now that a Kentucky Senate committee dealing with appropriations voted against it 10-5. Without slot machines or video lottery terminals at Kentucky tracks, gambling patrons are expected to continue to flock to Indiana and other casino states.

“The state Senate has a majority of Republicans who are focused on other ways to fund Kentucky’s budget deficit at this time, so this decision was not surprising,” the analyst wrote.

Penn National, in particular, has been noted for campaigning against gambling expansions in gaming-free states to protect its exclusivity in current casino states.

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