In a move that will surely make socialists in MA, CA, NJ and MD green with envy, governor Blagojevich announced that the last casino license in Illinois was awarded to a company who proposes to build it, sell it to the state for a dollar and then run it under contract. Blagojevich floated a trial balloon last year where he suggested he would nationalize (stateize??) all the casinos and run them for the state's profit, paying the former owners a a fee to operate them.
Why go through the effort to tax someone when you can just pocket all the take? I wonder if this casino is going to be built on Meigs Field? I am not against gambling...but I am against the state owning and running any business.
Jeff
http://www.stltoday.com/stltoday/ne...become+first+state+owner+of+casino+under+bid+
Jan 30, 5:14 PM EST
Ill. Would Own Casino Under Bid Plan
By MAURA KELLY
Associated Press Writer
CHICAGO (AP) -- Illinois would become the first state to own a casino, under a $506 million bid submitted by a gambling hall operator.
Penn National Gaming, a publicly held company, is bidding for Illinois' last remaining casino license. It is proposing to build a $255 million casino, sell it to Illinois for $1, and then manage it for the state, a source close to the bidding process said.
Penn, which wants to build the casino in the Chicago suburb of Rosemont, is bidding against six other companies.
Illinois' nine casinos are privately owned. But Gov. Rod Blagojevich and Chicago Mayor Richard Daley have both expressed interest in having publicly owned casinos run by management companies.
"We still haven't seen the details of the bid, so it's way too early to comment," said Abby Ottenhoff, a spokeswoman for Blagojevich.
Gambling opponents vowed to fight the state's possible ownership of a casino.
The Rev. Tom Grey, executive director of Rockford-based National Coalition Against Legalized Gambling, questioned how Illinois could regulate a casino that it owns.
If the state gaming board awards Penn the license, the certificate's current owners would be paid $156 million and the state would be paid $350 million.
Illinois would own 80 percent of the casino and private investors would own the rest. Penn would manage the casino for 20 years and receive 10 percent of the gross revenue.
Penn, a Pennsylvania-based company, owns Hollywood Casino in Aurora.
Copyright 2004 Associated Press. All rights reserved.
Why go through the effort to tax someone when you can just pocket all the take? I wonder if this casino is going to be built on Meigs Field? I am not against gambling...but I am against the state owning and running any business.
Jeff
http://www.stltoday.com/stltoday/ne...become+first+state+owner+of+casino+under+bid+
Jan 30, 5:14 PM EST
Ill. Would Own Casino Under Bid Plan
By MAURA KELLY
Associated Press Writer
CHICAGO (AP) -- Illinois would become the first state to own a casino, under a $506 million bid submitted by a gambling hall operator.
Penn National Gaming, a publicly held company, is bidding for Illinois' last remaining casino license. It is proposing to build a $255 million casino, sell it to Illinois for $1, and then manage it for the state, a source close to the bidding process said.
Penn, which wants to build the casino in the Chicago suburb of Rosemont, is bidding against six other companies.
Illinois' nine casinos are privately owned. But Gov. Rod Blagojevich and Chicago Mayor Richard Daley have both expressed interest in having publicly owned casinos run by management companies.
"We still haven't seen the details of the bid, so it's way too early to comment," said Abby Ottenhoff, a spokeswoman for Blagojevich.
Gambling opponents vowed to fight the state's possible ownership of a casino.
The Rev. Tom Grey, executive director of Rockford-based National Coalition Against Legalized Gambling, questioned how Illinois could regulate a casino that it owns.
If the state gaming board awards Penn the license, the certificate's current owners would be paid $156 million and the state would be paid $350 million.
Illinois would own 80 percent of the casino and private investors would own the rest. Penn would manage the casino for 20 years and receive 10 percent of the gross revenue.
Penn, a Pennsylvania-based company, owns Hollywood Casino in Aurora.
Copyright 2004 Associated Press. All rights reserved.