Alabama Tribe Wants Exclusivity NORTH AMERICA
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P26 NEWSWIRE / INTERACTIVE / MARKET DATA Te Poarch Band of Creek Indians wants to pay the state of Alabama $225m
for ‘exclusive gaming rights in the state through a compact' in addition to the right to build two further casinos
Te Poarch Bank of Creek Indians and its gaming business PBCI claims to have been the subject of a public misinformation campaign funded by an anonymous group
ALABAMA CASINO OPERATIONS
Te Poarch Band of Creek Indians wants to pay the state of Alabama $225m 'for exclusive gaming rights in the State through a compact' and the right to build two more casinos.
Te tribe has suggested it could open 'two additional first-class gaming and tourism destination sites with unlimited gaming' in return for the payment. Whilst Governor Kay Ivey’s office said there have been no official talks with the tribe concerning a compact, her Press secretary, Gina Maiola, said: “Te governor, as she has previously stated, is open to Alabama having a clean lottery. However, she concluded the new PCI plan goes further than a lottery and “Would need to be thoroughly discussed and fully vetted. Ultimately, this is a question for the Legislature, but the governor is open to hearing any recommendations.”
Te tribe, which pays no tax on its gaming profits, has recently been running ads highlighting the tribe’s contribution to the state’s economy in response to statewide commercials being run by the nonprofit organisation, Poarch Creek Accountability Now. Headed up by former state Senator Gerald Dial, the group is looking to reveal 'true and accurate information' about PCI and their gaming revenue and
The Palms helps Red Rock to 13 per cent increase in Q3
Nevada
Red Rock Resorts saw its revenues increase by $465.9m for the third quarter of 2019, an increase of 13 per cent or $53.6m due to an increase in Las Vegas operations, led by the Palms Casino Resort.
Net loss was $26.8m for the third quarter of 2019, a decrease of $51.9m, from net income of $25.1m in the same period of 2018. Te decrease in net income was primarily due to one-time charges relating to the termination of certain artist performance agreements and employment arrangements at the Palms, as well as higher depreciation and amortisation relating to the Palms
expenditures. Under PCI’s proposal, the tribe would generate billions of dollars in new revenues to the State, create thousands of new jobs, and regulate and tax gaming interests. It also calls for the construction of two deluxe tourist resorts in the northern part of the State, and supports citizens' rights to vote on gaming issues, including whether Alabama should also have the kind of traditional lottery that other neighbouring states have in place.
"We have long believed that the economic power of gaming should be strategically harnessed to create opportunities for everyone who lives in Alabama," said Stephanie Bryan, Poarch Tribal Chair and CEO. "Tis plan does that, and we are committed to making sure that our positions on gaming and our commitment to helping improve the quality of life in Alabama are clear. "
In November, the Tribe and its gaming business (PBCI Gaming) have been the subject of a public misinformation campaign funded by an anonymous group. Te tribe said that the 'sole purpose of that group's work was to misrepresent the Tribe's position on gaming in the State, confuse the issues surrounding gaming regulation and taxation, and damage Poarch's reputation.'
redevelopment project. Net revenues from Las Vegas operations were $440.7m for Q3 of 2019, an increase of 13.1 per cent, or $51m, from $389.7m in the same period of 2018. Adjusted EBITDA from Vegas operations was $97.2m fin Q3 of 2019, a decrease of 0.8 per cent, or $0.7m, from $97.9min the same period of 2018. Te increase in net revenues from Vegas operations was primarily due to an increase in net revenues at the Palms, and the decrease from Vegas operations was primarily due to a decrease at the Palms.
Adjusted EBITDA from Native American operations was $22.3m for Q3 of 2019, an increase of 12.6 per cent from $19.8m in the same period of 2018 due to increased fees generated under the Graton Resort agreement.
Ohio
Miami Valley Gaming & Racing, Churchill Downs' joint venture racino with Delaware North Gaming & Entertainment, is to build a hotel, parking garage and expanded gaming floor and add up to 250 additional video lottery terminals. Te $100m expansion at the Turtlecreek Township, Ohio, property is scheduled to be completed by the second quarter of 2021 and will be financed with debt at the joint venture. Te proposed project will include 192 rooms and suites, a new full- service restaurant, coffee bar and 1,000-car parking garage, which will allow MVG to expand the geographical market reach of the property. Te expansion will add over 10,000 square feet of gaming floor space and increase the number of VLTs in operation to approximately 2,200.
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