Casino news source: Sun Times - http://www.suntimes.com
Emerald drops court fight for right to open casino
GAMING | Removes obstacle to state's auction plans
December 31, 2007
BY CHRIS FUSCO Staff Reporter/cfusco@suntimes.com
Emerald Casino Inc. is giving up its six-year court fight to win back the state's 10th casino license, easing concerns the company could delay or derail Illinois Gaming Board plans to auction the dormant license in 2008.
"There are probably three or four additional litigation options that are still available to Emerald," said Robert Clifford, Emerald's most recent lawyer in the saga.
"The short of it is, after careful review of all the available options, the Emerald board has decided to cease further litigation activities."
Emerald's decision marks an about-face from its stance in November, when it vowed to continue its license battle despite the Illinois Supreme Court's refusal to hear one of its most important appeals in the case.
May yet re-bid
The decision also improves the odds of state regulators putting the license -- inactive since 1997 -- up for auction early next year. The state has lost an estimated $1 billion-plus in gaming taxes because of the dormant license.
"We should move ahead as soon as possible" with the auction, said Gaming Board Chairman Aaron Jaffe, adding that gambling regulators hope to select an investment-banking firm to assist them with the auction before the end of February. After that, any Illinois community -- including Chicago -- is expected to be allowed to team up with casino developers to compete for the license.
Mayor Daley so far has shunned getting in the 10th-license game because state law caps the size of the 10th license at 1,200 gaming positions. Daley wants a much larger casino to be owned by the city.
Emerald started building a casino in Rosemont in 2000, but the Gaming Board revoked the company's license and accused it of widespread wrongdoing -- including alleged links to organized crime. The rusting steel girders of Emerald's unbuilt gambling barge were recently torn down, but Rosemont is expected to be allowed in the casino hunt again if the 10th license is re-bid. |
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