Casinos: They’re not just for French resorts anymore. Marseille Mayor Jean-Claude Gaudin is plumping for a casino in his city, which is badly afflicted by poverty. He seems to be right on the curve, as far as a casino injection goes. Last year, the French casino industry’s revenues grew 2%, to $2.4 billion. To put the importance of provincial casinos in perspective, Deauville derives 30% of its tax base in gambling. The idea of bringing gambling to major French cities may catch on but probably not in Paris, where casinos have been illegal for 109 years. There, the gaming industry is expected to lobby for more private gambling salons, enlarging upon the status quo.
* A bill to legalize Internet poker in New York has crept quietly back 
into the legislative hopper, thanks to diehard supporter Assemblyman Gary Pretlow (D). However, Pretlow has picked a devil of a time to revisit the online-gaming issue. Lawmakers will have their eyes on Attorney General Eric Schneiderman‘s ongoing crusade to shut down and penalize daily fantasy sports. And for some lawmakers, legalizing and taxing DFS will be a much higher priority than i-poker, the revenues of which are peanuts by comparison. We Pretlow luck, as he’s clearly going to need it.
* Tilman Fertitta isn’t going to be happy about this. A Mississippi judge has ruled against Golden Nugget Biloxi, which was seeking a lower lease rate from the city. Since the Nugget had been paying the higher assessment “under protest,” Biloxi is spared having to make any reparations to Fertitta. However, Golden Nugget attorney Britt Singletary said,”We respect the judge and his decision, but feel he is 
incorrect in this matter and will advise our client to appeal.” Fertitta seeks to pay a half-million less per year, backdated to 2009, on the grounds that economic conditions and new competition should be reflected in a reduced lease. At present, the Nugget would qualify for the tax reduction if market revenues fell below $1.25 billion and Nugget ones went south of $90 million as well. The former has happened, the latter has not. It’s too successful for its own good.
Responding that people are free to enter into unfavorable contracts, Harrison County Circuit Judge Roger Clark was unmoved. He ruled that the intent of the parties (Biloxi and, originally, Isle of Capri Casinos) when they entered the lease was irrelevant. What matters is what they put on paper, “for the language employed in the contract is the surest guide to what was intended.” In the meantime, CNBC had better have the “bleep” button ready for Fertitta’s new TV series. He’s an outstanding entrepreneur — and an outstandingly profane one, too.
