homeplatekr101   Album Posted Aug.13th, 2024, viewed 46 times

Game giants are suing for casinos in Massachusetts

Sheldon Adelson and Gary Loveman are already prominent in the casino and gaming industries. They have millions, or billions, in Adelson's case, and their legacy of success is firmly established.

But once you hear each person talk about the possibility of building and operating a casino in Massachusetts, it's clear that returning the business home will be considered more than just another feather in their hat.

Raised in Boston's Dorchester neighborhood, Loveman returned to his roots Tuesday in support of a bill drafted by Gov. Deval Patrick to host three resort casinos in Massachusetts under titles such as Las Vegas Sands President Adelson and Harrer Entertainment. They were among the many speakers who drew a standing room-only crowd inside the 600-seat Gardner Auditorium at a legislative hearing in the U.S. House of Representatives.

"It's natural," said Loveman, who runs a casino in the U.S. "You already have a lot of rich adult groups that have shown an interest in gaming. In addition, there's very little supply - Foxwood Casino and Mohegan Sun Casino - so it's an attractive marketplace, needless to say."

Loveman, who joined Hara as COO in 1998 and became CEO in 2003, did not speak until after the eight-hour hearing. But he attended virtually the entire event and told Casino City that most of the stories he heard all day were expected.

"What always comes to mind is that we are an industry that is ready to invest $3 billion, pay $800 million in licensing fees, and generate $300 million in annual revenue." Hara's June 2005 acquisition of Caesars Entertainment for $9.4 billion was the single largest deal in the industry's history. "We're not asking for infrastructure. We're not asking for environmental protection. We're not asking for a tax break, either. We're not asking for anything, but an argument is always possible if that's enough."

During his testimony, Loveman, who lived in Massachusetts for 25 years and was a former Harvard associate professor, called Governor Patrick's proposal "some of the most enlightened ideas about our industry and what it can do for the country."

"Legalized and regulated casino gambling is a proven job creator, a catalyst for economic revival, and a reliable public income source that does not rely on taxpayers for handouts," he continued. "Furthermore, Governor Patrick's proposed casino development destination resort model is by far the most delivered casino game form in terms of overall economic development benefits."

When it comes to resort casinos, the ultimate authority may be Adelson, who recently opened Venice Macau, the world's second largest building. Adelson bought the former Sands Casino in Las Vegas for $128 million in 1989 and immediately demolished it, building a $1.5 billion Venetian casino resort and a 1.2 million square foot Sands Convention Center. He was a pioneer who thought that it would be more beneficial to take advantage of the importance of gambling revenues to focus on attracting convention participants to the city over the weekend.

Adelson, 73, slowly roamed around the auditorium throughout Tuesday's event, when he needed the help of a cane and his wife Miriam to move from place to place. But Adelson looked quite relaxed when he cornered Adelson outside the auditorium door hours before TV crews and reporters spoke to the panel. 동행복권파워볼