Hardly had the outlines for a gaming-expansion compromise been leaked from the Illinois governor’s mansion when state Speaker of the House Michael Madigan (D, right) nixed the idea — or at least the prospect of a deal getting done in the current Lege. The new sticking point is the idea of the City of Chicago becoming a casino owner, thereby creating a public/private sector mishmash, or what Chicago-based Madigan more elegantly describes as a “two-tiered system.” He’s got a good point: Chicago would, in essence, be paying taxes to itself. Theoretically, that would give its casino better operating margins than those in the private sector. And that’s just not cricket. Mayor Rahm Emanuel could counter-argue that it’s a wash. The Windy City would have to hire outside management to operate its casino, at least in the short run, thereby outsourcing a healthy chunk of revenue, too. I’m doubtful that fine distinction is that current operators will be inclined to appreciate. Of course, every hiccup in the expansion process works to their favor, so Madigan is throwing them a reprieve, if not a lifeline.
Bad news for Boyd. Every few years, politicians in Hawaii float the idea of legalizing casinos. And every time, the talk gets a little more serious. While it’s still a long shot, the idea of the moment is to fling some slots and tables into the Honolulu Convention Center, and make it a ‘casinovention center,’ if you will. (New Orleans tried something like that and the experiment failed miserably.) Alternatively, a stand-alone casino has been pitched for the Waikiki area, though major operators are unlikely to bite on that. Unless they’re Boyd Gaming, whose bread-and-butter customer base would be threatened by Aloha State gambling. However, judging the description of the budgetary chasm legislators are facing, one casino isn’t going to generate enough money to bridge the gap. Whether it’s slot parlors in hotel resorts or Internet wagering, it looks like a wider net will need to be cast. But, like I said, the odds are long.
The ‘Death Ray’ returns. Are you envious of CityCenter CEO Bobby Baldwin? Do you want your own “Vdara Death Ray,” capable of frying your neighbor’s scalp? Well, it turns that such implements of destruction can be found on Main Street USA. Let your world-conquest fantasies run riot!
Who dat? For those who have never heard the name “Sheldon Adelson,” Atlantic Monthly‘s Molly Ball has a 10-point primer. All this unwanted — by Sheldon — media attention makes you wonder what Dr. Miriam Adelson was prescribing her husband when he decided he could dump $10 million into the 2012 presidential primaries and simultaneously maintain a low profile. It wouldn’t be the first time Sheldon’s been drugged out of his gourd, as Ball’s story reminds us.
Bingo on the no gamble in Hawaii; dont know why but worse than a mormon in a coffee shop it’ll never happen.
Turns out Adelson is literally doing his patriotic best to re-elect President Obama. By bankrolling an unelectable Newt he is exposing Romney for what he truly is. If Adelson stays out of this, Romney would have cruised to an easy victory. Hedge fund managers are now frightened their carried-interest loophole will get axed, as it should. From now on this notion that giving tax breaks to the rich creates jobs is easily refuted. The rich put money in the Caymen Islands and Switzerland, not America. Romney does not like “European Socialism”, only European Banks…
The City of Chicago should not own a casino. Let an outside casino company run a casino in downtown Chicago. The City of Chicago has no experience in running a casino and Mayor Emanuel has plenty of other things to do to keep him busy. Get a good location for a casino in downtown Chicago and a successful casino operator and everything should turn out OK.