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Posted At : August 6, 2009 04:33 PM | Posted By : D McKee
Related Categories:
Cordish Co.,Ohio,Donald Trump,Harrah's,Maryland,Atlantic City,Labor,Wall Street
With racinos a done deal in Ohio, a suddenly frisky Harrah's Entertainment is shopping around for a Cleveland-area track. If anything, I'm surprised competing companies haven't beaten Harrah's to the punch, but it seems to have sucker-punched its rivals. Good on it.
Donald Trump's fire-sale acquisition of Trump Entertainment Resorts is far from a done deal, according to the Wall Street Journal. Bondholders who stand to have $1.25 billion flushed away in the Trump/Mark Juliano sweetheart transaction may be able to throw in a spanner in the works.
Casinos spread the wealth -- or do they? A Journal of Economic Studies report queries the premise, saying casino expansion dilutes local wage bases. However, casino companies -- and some academic allies -- aren't taking this lying down. Both Penn National and Cordish Gaming are making vigorous arguments to the contrary, as is one Frank J. Fahrenkopf.
Geez, I thought Thistledown had been closed for years. This could be a rare bright spot for Magna Entertainment, though.
Racinos have not been approved here yet in Ohio, still under consideration, as they have been for the past 5-10 years. http://www.ohio.com/multimedia/photo_galleries/511... Given that even with legislative or governor support we've been 'close' before I wouldn't consider them approved until the first slot is installed.
Actually I stand corrected, as it seems the Akron Beacon Journal was not up to date. Although I will hold off celebrating just yet until the first machine is turned on. Always a chance some group files some type of stall tactic, given how hard it's been to get anything approved here, it wouldn't be surprising. By the way the Plain Dealer article says Harrahs was sniffing around Thistledown and Northfield. Northfield while not a great area is un-quantifiably in a better location then Thistledown. Thistledown is in a severely depressed area, that was hit by recession before we were nationally. Although Thistledown is technically closer to the heart of Cleveland. Northfield is equidistance between Cleveland and the Akron/Canton area.
Thistledown had shut down for a bit, but I've seen recently they are back on schedule. Definitely will help if they get slots though.
Word on radio is that harrahs bought Thistledown Racetrack in Ohio for 89.5 million.
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