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Illinois: No country for big casinos
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Posted At : December 30, 2008 10:20 AM | Posted By : D McKee
Related Categories:
MGM Mirage,Harrah's,Steve Wynn,Isle of Capri,Illinois
So Illinois had a casino license up for bid and the only pursuers were three no-name outfits (Canadian Trilliant Gaming, even more obscure Waukegan Gaming and Midwest Gaming & Entertainment -- one of Neil Bluhm's innumerable corporations)? Where were the big boys?
Hors de combat, it seems. A press release from 2004, when it looked like that 10th license might finally be back on the market, shows that Isle of Capri Casinos was kicking the tires and Harrah's Enterainment was pitching itself as the savior of Waukegan, Ill. (Home town of Jack Benny and now fallen on hard times.)
Flash forward to 2008 and it's unlikely -- more like impossible -- that either company could even scrape together the $125 million or so in front money that it would take to have been a serious contender for the license. Too much acquisition by Harrah's, too many irons in too many fires and then an almost insanely ill-advised LBO have left it teetering on the precipice. (Though it got good news this morning when S&P raised Harrah's credit rating.) Isle, for its part, would pursue an expand-expand-expand strategy that really did seem insane at times ... I mean, Coventry and Singapore?
MGM Mirage appears to have stuck to its guns re J. Terrence Lanni's vow not to expand in Illinois until Gov. Rod Blagojevich's (D-The Big House) punitive tax regime was relaxed. Besides, it's having enough trouble coming up with "end money" for CityCenter. All the other logical players are either equally strapped for cash or heavily committed in the Land of Lincoln -- usually both. Which leaves Steve Wynn and "Wynn Des Plaines" just doesn't have that certain je ne sais quoi, does it?
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