Harrah’s may have its eyes on Lincoln Park
| 18 December 2003 |
As reported by: The Pawtucket Times
Harrah's Entertainment Inc., the Narragansett Indian tribe's partner in the effort to win approval of a gambling casino in West Warwick, may have its sights set on troubled Lincoln Park.
Spokesman Gary Thompson said Harrah's "primary goal, depending on what happens with the referendum next year, is to develop a full-service, full-scale casino" in West Warwick. "We think there is the possibility for tremendous job creation and tremendous tax revenues."
At the same time, Thompson said, "We think racino development is one area of growth the gaming industry has before it."
A "racino" is generally understood to be a horse or dog racing track coupled with slot machines and perhaps even table games like blackjack and craps. Lincoln Park is a racino with greyhound racing and video slot machines.
Harrah's might even be interested in running both operations in Rhode Island, "if we think the market is big enough for both."
It depends, Thompson said, "on what the tax structure would be on one or both, and the regulatory structure. There has to be a good regulatory climate in place and a fair and reasonable tax rate."
In recent days, Harrah's CEO Gary Loveman said the company is abandoning for now its attempts to start a gambling facility in Massachusetts and will instead concentrate on its Rhode Island plans. Loveman said Harrah's is dropping Massachusetts because it appears unlikely that the Bay State will pass legislation to approve gambling.
In an interview with the Boston Herald earlier this week, Loveman said the Las Vegas-based gambling company may be in the hunt for Lincoln Park.
The focus, Loveman said, would be on the so-called destination style casino the Narragansetts have been trying to open in West Warwick, but have been unable to get the General Assembly to put on the ballot for the constitutionally-mandated voter approval of any expansion of gambling.
But the greyhound track/video slot parlor that is currently under federal indictment along with its former CEO, Daniel Bucci, and Nigel Potter, the former CEO of its London-based parent company, Wembley, plc, may also be a possible purchase, he said.
Thompson did not say whether Harrah's has taken any affirmative steps to buy Lincoln Park. Park officials say they have fielded numerous inquiries from potential buyers but has not said whether they are considering any one request more or less than the others.
Gov. Donald Carcieri has said he wants to see the park sold and will not negotiate to expand the facility or forge a long-term deal on dividing slot machine revenue until new ownership is in place.
Most recently, Carcieri asked the Department of Business Regulation to limit the number of racing dates it approves at the track in 2004 as an incentive for the current owners to sell.
"I believe the actions of the present owners of Lincoln Park have cast a cloud of uncertainty over the future of the facility, which only can be remedied by a change in that ownership," Carcieri said in a letter to hearing officer Mario Forte.
"Newspaper reports indicate that a number of potential buyers have expressed an interest in acquiring Lincoln Park. I have repeatedly expressed my position that such a transaction should occur at the earliest possible time."
A decision on the racing dates is expected by the end of the year.
Spokesman Gary Thompson said Harrah's "primary goal, depending on what happens with the referendum next year, is to develop a full-service, full-scale casino" in West Warwick. "We think there is the possibility for tremendous job creation and tremendous tax revenues."
At the same time, Thompson said, "We think racino development is one area of growth the gaming industry has before it."
A "racino" is generally understood to be a horse or dog racing track coupled with slot machines and perhaps even table games like blackjack and craps. Lincoln Park is a racino with greyhound racing and video slot machines.
Harrah's might even be interested in running both operations in Rhode Island, "if we think the market is big enough for both."
It depends, Thompson said, "on what the tax structure would be on one or both, and the regulatory structure. There has to be a good regulatory climate in place and a fair and reasonable tax rate."
In recent days, Harrah's CEO Gary Loveman said the company is abandoning for now its attempts to start a gambling facility in Massachusetts and will instead concentrate on its Rhode Island plans. Loveman said Harrah's is dropping Massachusetts because it appears unlikely that the Bay State will pass legislation to approve gambling.
In an interview with the Boston Herald earlier this week, Loveman said the Las Vegas-based gambling company may be in the hunt for Lincoln Park.
The focus, Loveman said, would be on the so-called destination style casino the Narragansetts have been trying to open in West Warwick, but have been unable to get the General Assembly to put on the ballot for the constitutionally-mandated voter approval of any expansion of gambling.
But the greyhound track/video slot parlor that is currently under federal indictment along with its former CEO, Daniel Bucci, and Nigel Potter, the former CEO of its London-based parent company, Wembley, plc, may also be a possible purchase, he said.
Thompson did not say whether Harrah's has taken any affirmative steps to buy Lincoln Park. Park officials say they have fielded numerous inquiries from potential buyers but has not said whether they are considering any one request more or less than the others.
Gov. Donald Carcieri has said he wants to see the park sold and will not negotiate to expand the facility or forge a long-term deal on dividing slot machine revenue until new ownership is in place.
Most recently, Carcieri asked the Department of Business Regulation to limit the number of racing dates it approves at the track in 2004 as an incentive for the current owners to sell.
"I believe the actions of the present owners of Lincoln Park have cast a cloud of uncertainty over the future of the facility, which only can be remedied by a change in that ownership," Carcieri said in a letter to hearing officer Mario Forte.
"Newspaper reports indicate that a number of potential buyers have expressed an interest in acquiring Lincoln Park. I have repeatedly expressed my position that such a transaction should occur at the earliest possible time."
A decision on the racing dates is expected by the end of the year.
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