Foxwoods shows persistence & other Case Bets

Foxwoods Massachusetts is back and going all in with a proposal for a $750 million facility in Fall River. This means there is finally a heavyweight Bordencontender for the southeastern regional license — albeit a company that voters tossed out on its ear in Milford. But perhaps the home town of Lizzie Borden will be more hospitable. The big announcement is expected next week. Unlike New Bedford rival KG Urban Enterprises, Foxwoods does not yet have a site.  The electorate is believed to be tractable and the city is in a highly strategic location, poised between Boston and Providence. Happily for Foxwoods, since it already paid an application for Milford it doesn’t have to pony up another 400 grand to get back in the action. The Fall River initiative is wholly Foxwoods’ — but City Hall is turning a receptive ear to the project.

Las Vegas companies getting in on tribal gambling might seem like bigfooting — were it not for the fact that tribes welcome it. Why? Lower cost of capital is one reason, access to databases like Total Rewards is another and experienced management another still.

Today’s anti-gambling hypocrite is Texas Attorney General Greg Abbott. Although opposed to casinos, his campaign is running a little betting action itself. Pick a Super Bowl winner, donate $5 and you’ll be in line for a prize. The latter is what you’d expect — campaign crap, like bumper stickers. The donation isn’t mandatory, so it’s not quite gambling … but a little close for Straight Arrow Abbott.

Guzzling at the trough of VLT revenue, Ohio‘s horseracing industry is making a comeback. Only Pennsylvania bred more mares last year than Ohio (2,200). Purses have doubled, even quintupled. There’s also a substantial trickle-down effect. But let’s not kid ourselves. It’s a subsidized industry. Without casino subvention it would dry up and blown away, as it almost did earlier. One veterinarian likens the current crop of Ohio racehorses to Cleveland Browns quarterback Brandon Weeden. That’s cold.

A retired Los Angeles County firefighter pleaded guilty Monday to a federal charge of running an illegal sports gambling business that authorities said appeared to operate in part from a firehouse while he was on duty.” You can’t make up stuff like this. It was a criminal case literally years in the making.

Global Cash Access CEO David Lopez has jumped or been pushed from the bus to “pursue another career opportunity.” His replacement, Ram Chary, comes from the financial-services industry, where he has spent the last six years.

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