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Posted At : March 3, 2008 02:46 PM | Posted By : D McKee
Related Categories:
Atlantic City,Kentucky,Pennsylvania,Taxes,Pinnacle Entertainment,Louisiana,LVCVA
... despite pulling back somewhat from its commitment to redevelop the site on which once stood the Atlantic City Sands. Does Pinnacle's hesitation regarding the Boardwalk portend ill for riverboat projects in East Baton Rouge or St . Louis County (below)?
"In a word, no," says a Pinnacle representative. The costs of these projects are but a fraction of the Atlantic City one ($250 million for Riviere, in Lousiana) and it's really a matter of returns, the company says. The expected returns on Riviere, for example, would make it worth financing, even in a softening economy. A multi-billion-dollar property in a market that isn't license-limited (read: Atlantic City) is a different story, though.
There's no deadline, Pinnacle maintains, no gun to their heads. Financing doesn't need to be raised until late 2009 or even 2010, by which time the credit markets could still be quite a different story.
Still, hindsight being 20/20, you have to wonder if Pinnacle would have been in such a rush to demolish the Sands had it known last July what it knows now?
And Oswald acted alone, too. Local newspaper finds man who takes sole credit for two ballot initiatives that would cap Las Vegas Convention & Visitors Authority funding at 2006-07 levels (even though they couldn't go into effect until 2011), adjusted for inflation. I guess the fact that these initiatives would accomplish a prime objective of Sheldon Adelson is just a big coinky-dink, after all. Whew! There I was, all worried about nothing.
Same paper, different day. "The sky is falling!" Why? Because most Nevadans, polls show, want to raise the privilege tax on gaming from the lowest to the second-lowest. That ink might have been better spent lobbying for a gross-receipts tax that would spread the (relatively modest) pain across a broad spectrum of businesses. But to decry a 9.75% privilege tax rate as The End of the World As We Know It when companies like Las Vegas Sands are jostling to pay 50% in Kentucky doesn't pass the laugh test.
Quote of the Day: "Lets see? Four guns, deadly poison and books on anarchy. I don't think we have anything to worry about. " -- Keith Hulbert, in the Las Vegas Review-Journal, commenting on Las Vegas Metro's response to last week's ricin scare.
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