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Posted At : August 5, 2008 01:37 PM | Posted By : D McKee
Related Categories:
Tribal,Isle of Capri,Kansas,Boyd Gaming,Florida
As we're seeing, it's not always a bad idea to scrap or delay an expansion. Such is the case with Isle of Capri's decision to allow the expiration of an agreement with Florida Gaming Corp. to turn Miami Jai-Alai into a slot parlor. Isle couldn't even be bothered to announce the news. (Can't imagine why.)
With the various Seminole casinos ramping up their offerings something fierce, Isle has its hands full defending market share at Pompano Park. The non-tribal Florida market just hasn't been the bonanza anyone expected and Boyd Gaming's decision to hold off converting its own jai-alai fronton now appears prescient. Wall Street reacted favorably, with ISLE continuing to trend upward.
Perhaps we should have foreseen this. The Seminoles had a track record, a customer base, a brand name (Hard Rock) -- and now they have table games. Newcomers to the market had a tough row to hoe before and now it looks darn near impossible, unless the Seminoles have to revert to Class II gaming (and that's unlikely to happen anytime soon). Florida Gaming Corp., meanwhile, will try to find other takers for its faded fronton. Good luck with that.
Bury this in Boot Hill. It looks like yet another Kansas casino proposal may be about to bite the dust. Butler National Corp., a manufacturing concern that's trying to take a flier into casino ownership (shades of Galaxy Entertainment, right to down to renting the Navegante Group braintrust) is pitching a low-budget, smallish (800 slot) casino. Trouble is, Butler's a wee bit short on cash and needs an equity partner who will rescue the project but agree to take a back seat.
From Rick Alm's description, this is a Hail Mary play by a penny-stock company -- a big red flag. However, the Boot Hill Casino that Butler is proposing for Dodge City sounds far more aesthetically appealing that the tacky-looking, theme-park-ish competing proposal. But the latter has the not-inconsiderable advantages of a larger upfront investment and previous in-house casino experience.
If would-be casino operators keep dropping out at the present rate of attrition, the lottery commission's selection process will become downright Darwinian.
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