Wednesday, January 23, 2008

sheeeeeiiiiiit

I know, I know, we never saw it coming, but don't let these few articles get you too worked up. Try this one and this second one for a nice little flavor of what's what these days. My favorite is the casino crowd stipulating that any supplement would require the continued moratorium on slots at the Meadowlands, or anywhere else outside of Atlantic City for that matter. Right, sure. That's funny. Casino companies probably don't want to get jammed up on the financing side just yet (tougher to get money these days, you know?), so they're looking to finance in-state projects 3-5 years from now, as opposed to next year. Racing will be deader than dead at that point, but who really, cares, right? I mean, sheeeeiiiiiit, once this deal goes through, why even pretend that slots aren't happening up north? Colony, you might recall, bailed out the Mills Corp on the Xanadu project and now has a Right of First Refusal on developing the hotel up by the Big M. Smart planning, heh? You think they inked that Xanadu deal to build a shopping mall around the arena? C'mon. I can see it now: The Meadowlands Pace, brought to you by Tropicana North.

Oh, and, btw, we're exploring leasing our major roads to ourselves to float bonds to restructure $35B+ in debt (it's safe to say that we're not a pay as you go operation here). You think maybe a few slot machines outside of AC might help on that score? Maybe just a tiny bit? At a minimum, you could dedicate some of the net revenues for administrative costs associated with implementation of the road plan, which you just know will be a decent number. This is New Jersey, after all, and every joint needs an assistant-deputy-deputy director of stonewalling open records requests, or something.

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