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CCA News - Wednesday August 12, 2009

 

NEVADA ECONOMY: Gaming revenue at 2004 level

lvrj.com - August 12, 2009

Nevada's monthly gaming revenues have sunk to levels not seen since 2004.

Harrah's considers race track for casino

the-news-leader.com - August 12, 2009

Now that Ohio has decided to allow expanded gambling at seven horse racing tracks, a major casino operator has expressed interest in operations in Ohio -- specifically, in the village.

Ohio needs open casino gambling

cantonrep.com - August 12, 2009

Slot machines in the existing horse racetracks are not the best answer to gambling in Ohio, but at least they are a start. The best approach would be an open public bid for the best casino development proposals that would result in maximum return in investment and jobs for Ohio. But at least this is a start.

Decision on Erie County slots revenue plan upheld

philly.com - August 12, 2009

A Commonwealth Court judge has upheld a lower court decision saying Erie County government officials cannot distribute half of the slot machine revenue the county receives any way they want.

Pittsburgh casino's opening day 3rd biggest in Pa.

whptv.com - August 12, 2009

Pittsburgh's new slot machine casino had the third busiest opening day of any of Pennsylvania's new gambling halls.

Lawmakers gearing up for gambling fight

milforddailynews.com - August 12, 2009

As another legislative battle over gambling looms this fall, Massachusetts lawmakers are working to separate the fact from fiction around gaming’s revenues and social costs, while well-financed casino developers hire lobbyists and set their sights on the Bay State.

 

 

 

 


Volume 6 Issue 7:  September 2008

In this issue we review the results of Connecticut and Rhode Island gaming facilities and discuss the DOJ's position on privatizing State lotteries.

 

 

Twin River, Rhode Island’s recently refurbished VLT racino, is on the verge of bankruptcy.  In March Twin River’s owner, BLB Investors LLC, a holding company composed of Kerzner International, Starwood Capital Group and Waterford Group LLC that acquired the former Lincoln Park in 2004 and subsequently spent about $225 million renovating and expanding the property, which it operates through UTGR Inc., a subsidiary, missed a payment to its lenders, who include Merrill Lynch, JPMorgan Chase and the Deutsche Bank; things that include the worsening credit crisis, deepening recession and unprecedented declines in equity markets have since gone rapidly downhill.   

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On October 16th the Department of Justice, in the person of Principal Deputy Assistant Attorney General Steven G. Bradbury, stated that most, and probably all, of the lottery privatization proposals that have been explored by various States in recent years would violate Federal law.  Mr. Bradbury’s opinion, which runs to 13 pages, is available at (http://www.usdoj.gov/olc/2008/state-conducted-lotteries101608.pdf) and is appended to this issue of Insight.

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