Lawyers for Caesars Entertainment will be burning a little extra midnight oil after they lost a case that will enable the National Retirement Fund to kick Caesars — its largest donor — out of the 
fund. That makes Caesars liable for $364 million in pension obligations over a 20-year period, plus a fine for leaving fund early. Caesars spokesmen say the company has no intention of quitting the NRF ahead of schedule, is up to date on its obligations and the parent company would be pushed closer to bankruptcy. NRF attorneys scoffed at those arguments, pointing to Caesars’ $2.1 billion asset base and billion-plus market capitalization.
The NRF’s indignation is somewhat forced, though. It’s underfunded and is having to pay out more than expected as people have the audacity to live longer and longer lives. Getting rid of all those Caesars obligations would surely help its balance sheet over the next 10 years, expected to be a critical period.
* Casino developers in New York State seemingly haven’t been paying attention to the long licensing periods that are the cost of doing business in, say, Nevada or Massachusetts. As they approach the first anniversary of their site allocations, they’re literally and metaphorically pawing at the turf, itching to start digging for that juicy casino bone. Host communities that were perhaps precipitate in counting on gaming taxes are also feeling the pressure.
The State Gaming Commission says it is sympathetic but that background checks and matters of that ilk take time, keeping projects like Montreign (below) on the drawing board. Not even the 
license documents themselves have been finished. “New York’s casino and licensing process is moving at virtual light speed compared to other jurisdictions,” maintained SGC spokesman Lee Park. Empire Resorts Executive Vice President Charles Degliomini lamented that the absence of a license is also keeping financing in abeyance. But he kept a sense of historical perspective: “We have been waiting around in the Catskills for a casino since the days of Nelson Rockefeller. A few more weeks will not hurt us.”
* Should Pennsylvania (quite possible) or California (unlikely) jump into the Internet-gaming pool, New York State and Mississippi are likely soon to follow them, Gambling Compliance predicts. There would likely be greater momentum had Web wagering produced the revenue expected of it. On the positive side, ensuring compliance has improved, yielding fewer rejections of in-state players, and even big financial institutions seem to be coming around to processing Net bets. And, although Las Vegas Sands lobbyist Andy Abboud has been crying “Wolf!” out east, New Jersey has only had two players penetrate its geolocation fence. They were caught and had their winnings confiscated.
* Connecticut‘s two tribal casinos are greasing the wheels of the upcoming gaming-expansion referendum. They’re going to underwrite the electoral costs for all four cities that have decided to participate. (Since the cities expect to get something — i.e., gaming revenue — in return, isn’t it really their gamble to take?) This move should make the electorate feel right neighborly when it’s time to pull the lever.
* In these pages, we often talk about Class II or Class III tribal gaming. But what are they? This will sort them out — and make it clear why we never discuss Class I.
