Billionaire investor Warren Buffett isn't supporting proposals to authorize Class III gaming in Nebraska.

While Buffett says gaming is "a perfect way to raise money" he believes it is "basically a tax on ignorance." "I don't like the idea of government essentially hoodwinking the citizenry," he was quoted by The Lincoln Journal Star as saying.

Lawmakers approved a ballot initiative to allow two casinos. Another petition seeks to authorize 4,900 slot machines at bars and other locations across the state.

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Buffett will vote against state casinos (The Lincoln Journal Star 5/4)