Sunday, February 8, 2009

A Downtown Casino As a Solution to CIB's Financial Problems?

This morning, Matthew Tully reports on the comments of City-County Councilwoman, Jackie Nytes, a Democrat, who puts the blame on the Governor because the State did not approve the initial plan of former Mayor Peterson which included a downtown casino that would have generated money for theoperating costs of the Lucas Oil Stadium.

That is a bunch of nonsense. The downtown Indianapolis casino idea never even got to first base. It was discarded very, very early in the discussions. For former and present city officials to claim that they were thrown off guard on how to cover the costs for the LOS because the legislature did not approve the downtown casino, is disingenuity raised to a new level. They knew all about the fact they did not have the money to cover the operating costs for LOS. In fact, at the end, Glass even made the financially irresponsible suggestion of borrowing money to pay for those operating costs, an idea rejected by the state. Clearly city officials knew.

As far as a downtown Indianapolis casino being an option to plug the enormous funding gap, well that will happen about the same time as pigs fly.


Anonymous said...

You are correct that the casino idea was a non starter.

Mayor Peterson used it as a decoy to change the debate from "if" we should build a new stadium to "how" we should build a new stadium.

Please note that the CIB chairman's law firm represents Indianapolis gambling firm Centaur Inc. as well as the Simon's/Pacers.

Anonymous said...

Gary Welsh at Advance Indiana reports this a CIB Board members interest in gambling:

Doug Brown. He is a lobbyist and attorney for Stewart and Irwin. Like Grand, a number of his clients pose potential conflicts of interest. Among his biggest lobbying clients are those from the gaming industry. Note the interest of some in building a downtown casino to bail out the CIB.

Anonymous said...

Suck it up, grease it up and bend over Paul. You and I and everyone else know that the only way this shortfall will be paid is thru higher taxes. It's actually that simple.
There is no other way. If there was the problem would have never reared it's head.
What I find so amusing after living my entire life in this town is that people still think the Mayor runs the place. They don't, never have.
Barton, Lugar, Hudnut, Goldsmith, Peterson and now Ballard, all at the beck and call of the local monied elite who play the tune they dance too. Taxpayers? What the hell do they care about the taxpayer?
You mighty tax protesters got your replacement for Peterson and this is all you have to show for it? Did you honestly think Ballard was going to be different? My God, what did you expect from a former Marine that was a glorified shipping clerk that just so happened to have sucked his rank up to Colonel? Did you think he'd act any different as Mayor?
Yes, 50 million a year is a real choke of change for the taxpayer to have to pucker up paying isn't it? Over a period of 20 years it will cost you over $1 billion dollars, just about the final cost of the Colts playpen they use 6 or 7 times a year. What a deal!
My recommendation, if you don't like getting screwed on a daily basis then just move out of Marion County. Me, I'm too damn old to move. Besides, it so interesting to watch one generation of elite take over from the outgoing elite. Names change and game stays the same.

Anonymous said...

Detroit has some casinos. I wonder how that's working out for them.

Anonymous said...

A downtown casino with full betting opportunities should be permitted simply as a libertarian matter.

That aside, the CIB must be disbanded, and DOJ should fully investigate Fred Glass.

No funds from the casino should be credited toward the CIB. The stadiums should go bankrupt, and the teams must be forced to renegotiate deals if they want a place to play.

Indy would be better off if the stadiums were shuttered and the teams passed off on other cities.

M Theory said...

Casinos are a bad idea. They'll just take money from other casino traffic. The economy is bad enough without luring even more people into the trap of gambling.

Anonymous said...

Gambling may be a trap, HFT, but it's not your place to tell me what I can't do.

Downtown Indy said...

The existing casinos paid $250M for their license. I imagine a new casino will (a) require 'somebody' to come up with a large fee and (b) refund some portion to the existing casinos for having their market diluted.

And where did all that money go, anyway?