A study by — you guessed — proponents of a racino in Colorado is projecting some hard-to-believe numbers, contingent upon Arapahoe Park being approved for 
casino gambling in November. They’re predicting $418 million in statewide economic impact, including $114 million in tax revenue. Mind you, the state’s existing casinos have struggled to generate new tax dollars after a 2008 gambling expansion in the mountains. Amendment 68 supporters are also forecasting 2,300 new, direct and indirect jobs stemming from a racino.
When pressed, pollster Thomas Zitt allowed that Arapahoe Park would drain 15% of business off the casinos in mountain cities like Black Hawk. However, the bipartisan Legislative Council projects a 30% negative impact on those same towns, probably driving the smaller casinos out of business. Zitt and track owner John Taylor countered with a pie-in-the-sky scenario whereby punters play at Arapahoe Park during the week, then gamble some more in the mountains on weekends. (And is Arapahoe Park really going to sacrifice weekend play so blithely?)
* A little horsetrading got a six-story hotel and 16,500-square-foot casino expansion for the Viejas Band of Kumeyaay Indians. In return, San Diego County gets a one-off payment of $150,000. “[Board of Supervisors Chairwoman Dianne] Jacob said the funds will go toward a safety analysis of Willows Road, on which the casino sits, and a yet-to-be-determined project in the Alpine community.”
* Kazuo Okada, former BFF of Steve Wynn, keeps running into problems in the Philippines. His Tiger Resorts Entertainment & Leisure has announced a one-year postponement of work on his $2 billion megaresort, now slated for a 2016 opening. Among the problems is the absence of a local partner from Okada’s business plan. (Non-Philippine companies can own no more than 40% of a casino project, a limitation that Okada tried to skirt and got slapped for.)
After approaching Empire East Land Holdings Inc., Robinsons Land Corp. and Century Properties Group Inc., Okada hasn’t been able to get to first base with any of them. Century, in fact, is suing Tiger over an aborted condo/retail deal. Okada’s plan, if it ever reaches fruition, is for a pair of hotel towers (500 rooms each), 3,000 slots and 500 table games. However, he’s well behind the competition. Bloomberry Resorts has already opened a $1.2 billion hotel-casino and Melco Crown Entertainment‘s $1 billion megaresort is set to open later this year. Okada isn’t quite at the back of the queue but he keeps getting nearer to it.
