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Post by Rainier Wolfcastle on Dec 16, 2010 8:23:24 GMT -5
Maybe this is why the board is holding off.....
Isle of Capri is Nemacolin's partner. They have just signed on to build a casino in Missouri to the tune of 125 million. If they start this project they will not have enough cash left to complete a casino at Nemacolin. Additionally, credit rating company Moody’s has downgraded its bond ratings for Isle of Capri Casinos Inc., citing concerns about the public’s willingness to spend money on gambling and the company’s financial leverage.
Penn National has no such issues.
Isle of Capri is trading at $10 a share right now. Penn National at $32.96.
Which one seems a better fit to you guys?
4 to 1 that if the PGCB grants a license to Nemacolin it never gets built and that license goes back on the market. Here's hoping they do the right thing the first time around.
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Post by Pro Casino on Dec 16, 2010 20:36:03 GMT -5
If Nemacolin isnt awarded the casino, what will Jeff Coy do? He loves playing golf there at that beautiful resort.
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Post by Rainier Wolfcastle on Dec 17, 2010 9:39:29 GMT -5
Decent article but I would have liked to see them pressed on this:
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Post by Venter on Dec 17, 2010 10:17:05 GMT -5
OUCH!
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Post by SpellChecker on Dec 17, 2010 14:18:16 GMT -5
yea! and this who NCG is counting on to keep a casino out of Getysburg. bwahahahahahahahaha
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Post by Rainier Wolfcastle on Dec 17, 2010 16:08:59 GMT -5
Moody's released that December 7th. On December 9th the PGCB announced the decision would not come by December 16 but rather January 6th. |
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Post by rock on Dec 17, 2010 19:44:26 GMT -5
I wonder if the reason for putting off the announcement might be that the PGCB had made thier minds up and it was going to be the other site and when this came out they thought they would give the other place a chance to rebuild its backing or find another backer?
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Post by Venter on Dec 18, 2010 8:26:15 GMT -5
I wonder if the reason for putting off the announcement might be that the PGCB had made their minds up and it was going to be the other site and when this came out they thought they would give the other place a chance to rebuild its backing or find another backer? But wouldn't that mean that their plans would be altered? Aren't they judged on the lender that they had in place in November, when they had to have everything in? Mason-Dixon can't just continue to change it's plans just because they want to, or they found something better. They are ALL "stuck" with their projects - for better or worse. |
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Post by Rainier Wolfcastle on Dec 18, 2010 10:16:43 GMT -5
from The Patriot News
Isle of Capri is the most highly leveraged gambling company in the nation and might not have enough cash on hand or enough borrowing capacity to complete the Missouri project without aid from Nemacolin. And the PGCB would not have automatically looked into this if the other applicants had not filed the petition?
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Post by rock on Dec 18, 2010 22:38:37 GMT -5
Venter I'm sure your right but not everything is always on the up and up and if I'm not mistaken isn't this PGCB's term up after this project is completed. If this is true then what is to say they couldn't thumb their nose at what has already been done and do it for the hell of it. If I was on that board if there was any question about funding or fine line grey areas that applicant would be DQ just because not everything was sound with their application. I think with all the news that I've heard about the 4 applicants MD is the only one that doesn't have any questionable items about thier application.
If we look at just 1 thing from each place that would DQ the other sites they are fairly big problems with them like:
Nemacolin- funding problems
Hampden Twps.- not enough fixed structure rooms (RV's shouldn't count)
The one in the NE part of Pa- to close to Atlantic City and no real chance to provide any substantial money to the state on a regular basis.
Mason-Dixon now on the other hand has the biggest untaped market and that is Maryland and no matter what people think an existing attraction that brings many people to it, granted some of those same people will put a bull on and not even want to even think about going to it but the others might and that is untouched money that may not have been spent to benefit the area as well as the state.
But I'm sure everyone already knows all of what I said.
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Post by orrtannaoracle on Dec 19, 2010 5:32:52 GMT -5
The one in the NE part of Pa- to close to Atlantic City and no real chance to provide any substantial money to the state on a regular basis. But didn't staff from Penn National testify in Harrisburg that they believed Fernwood was likely the most lucrative (to the state) applicant? I doubt that the entire Gaming Board's tenure expires at the same time. Those appointed by Rendell would make sense but you may be right - from a continuity standpoint, that would be a stupid set-up. |
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Post by Fire Marshal Bill on Dec 19, 2010 8:28:04 GMT -5
The one in the NE part of Pa- to close to Atlantic City and no real chance to provide any substantial money to the state on a regular basis. But didn't staff from Penn National testify in Harrisburg that they believed Fernwood was likely the most lucrative (to the state) applicant? I doubt that the entire Gaming Board's tenure expires at the same time. Those appointed by Rendell would make sense but you may be right - from a continuity standpoint, that would be a stupid set-up. One rep from the house and one from the senate (can't remember if majority or minority) will be replace as soon as they come back to session, the other two house and senate appointments I believe have another year. The chairman, appointed by the Governor expires in June or July of this year and the other two governors appointments expire in June or July of 2012 and 2013. So four of the seven will be around for at least one more year. |
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Post by rock on Dec 19, 2010 11:46:03 GMT -5
Ok I'm not up on all the particulars of this so I would believe what Ya'll said. To me if it comes it comes if it doesn't it doesn't I'm for legal business though and this is legal so we should be given that same shake as any other place in the state no matter where we live.
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Post by Fire Marshal Bill on Dec 19, 2010 12:59:16 GMT -5
Ok I'm not up on all the particulars of this so I would believe what Ya'll said. To me if it comes it comes if it doesn't it doesn't I'm for legal business though and this is legal so we should be given that same shake as any other place in the state no matter where we live. Well said, and I do hope that the PENNSYLVANIA Gaming Control Board understands that they are employed by PENNSYLVANIA, to oversee gaming in PENNSYLVANIA, and look out for the financial interest of PENNSYLVANIA and are not influenced by those who do not live and work here, and only occasionally visit, if ever. I like you will survive should the casino be placed 2 miles from my house or not. But the fact that it will be 8/10 of a mile from the Gettysburg National Military Park, should have no more influence on the decision than if it is 1,000 miles from the GNMP. The board should be looking at the location that will be up and running most quickly and that will bring the most money to Pennsylvania without cannibalizing from other locations. |
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