It could be the most important piece of legislation Madison County has seen in a generation.

Today, the Tax and Fiscal Policy Committee of the Indiana Senate will review a bill authorizing slot machines at Indiana horse-racing tracks. If House Bill 1835 gets out of committee and passes the Senate, it could mean as many as 1,000 new jobs for Hoosier Park.

“We need help, and we need it right now,” said Rick Moore, president and general manager of Hoosier Park. “I’ve seen it in other parts of the country; it works. Anderson will become a destination point.”

Experts predict 800 to 1,000 new jobs if the bill passes, a greater influx than Madison County has seen in decades. In a city decimated by auto industry layoffs, slot machines could put Anderson residents back to work.

State Sen. Tim Lanane, D-District 25, said the slot-machine initiative has never been in better position to succeed.

“Hopefully this will go forward to benefit not only the tracks, but horse racing in the state of Indiana,” Lanane said.

House Bill 1835 would bring 2,500 slot machines each to Hoosier Park in Anderson and Indiana Downs in Shelbyville. After passing the House 54-39, the bill must now make it out of committee before receiving a vote on the Senate floor.

So-called “racinos,” which combine horse racing with casino gaming, have given a shot in the arm to communities in Iowa, Pennsylvania and elsewhere. Rick Moore points to Mountaineer Race Track and Gaming Resort in Chester, W.Va., known for catching horses on the decline before it added slots.

“It was literally the last stop for horses,” Moore said. “Now it has become a destination spot. It has a hotel; it’s an entertainment center with big-time acts and big-time prize fights.”

Mary Loud Coady, media relations specialist at Prairie Meadows Racetrack and Casino in Altoona, Iowa, summed up the impact of slots there in a single word.

“Staggering,” Coady said. “When you compare Altoona and Central Iowa to what it was before, you could shoot a cannon through the community. (Gaming) has brought so much business to this area.”

Coady described Altoona as a blue-collar area, with a history of organized labor and widespread agriculture. Sound familiar?

Since adding slot machines in 1995, Prairie Meadows has gone from 40 employees to 1,350 — 1,266 in its casino and 84 in racing operations. A recent $60 million expansion added an events center, conference center and two restaurants.

In fairness, Prairie Meadows is a nonprofit business, channeling profits back to the community. But Coady said the creation of jobs is undeniable.

“You have to have people to service the machines,” Coady said. “You need to consider maintenance, housekeeping and security.”

Rick Moore said adding slots would expand existing jobs at Hoosier Park (which currently employs 350 during live racing) while adding new ones.

“It would be more of what we already have: maintenance, housekeeping, food and guest services,” Moore said. “But there would also be some specialized jobs associated with gaming: the back of the house, security, vault operations.”

Job specifics will also depend on whether Hoosier Park operates 12, 18 or 24 hours a day. Slots would also necessitate expansion, Moore said, creating 100 or more construction jobs.

Will Cummings is president of Cummings Associates, a consulting firm specializing in racing and gaming. He said the estimate of 800 to 1,000 jobs falls in line with his prediction for total revenues of $533 million between the two facilities.

He said Hoosier Park will draw from a population of about 2 million adults, most coming from greater Indianapolis.

“The attractive power of a facility is in direct proportion to population size and inversely proportionate to its distance from population,” Cummings said. “In real estate they say location, location, location. Here, it’s location, location and size. Location is roughly twice as important as size.”

Cummings is familiar with the bill in its current form and said any change in the number of machines, the tax rate (a proposed 37.5 percent) or the one-time licensing fee could alter the profitability. If legislation passes, Hoosier Park will pay a one-time fee of $100 million to the state.

But Indiana won’t be the only benefactor. Dwayne Rhule is a horse owner, breeder and trainer based near Pendleton. As vice chairman of the Indiana Horse Racing and Breeding Coalition, he provides a voice for horse industry.

“We all have a common interest in this cause. None of us can be successful without the other,” Rhule said. “Slots will allow us to have an increase in purses. If you do basic Economics 101 for the horseman, the purses drive the whole business. This is how we earn our income.”

Slot machines will not only increase purses, Rhule said, but add stability to the industry and lead to in-state breeding incentives, improving the quality of Indiana horses and generating national exposure.

“Why would you not want this business to grow?” Rhule said. “This is no different than when Indiana goes after somebody to build an industrial plant. This is an industry that has had rapid growth. This is a fantastic opportunity to let the industry grow.”

Moore believes time is of the essence. Other slot-machine bills have failed and the window for opportunity is closing.

“The first state in the Midwest to get this is going to see the economic development,” Moore said. “It’s so important to be the first in the area.”