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Five months ago a deal was in place for Ameristar to purchase the Resorts East Chicago Riverboat casino. On late Tuesday, the deal was finalized, meaning Ameristar will now enter its seventh casino market.
Mississippi, Colorado, Iowa, Missouri, and Nevada all have casinos operated by Ameristar running already, the Indiana casino they just bought just adds to the list.
The company has been talking about expansion, but not by building, by acquisition. Chief Executive Officer John Boushy had this to say, “The Purchase of Resorts East Chicago provides access to one of the nation’s most attractive gaming markets, diversifies our cash flow, and greatly enhances our distribution channels. As a result, this acquisition represents a significant milestone in achieving our growth objectives.”
The newly acquired casino will be upgraded by $20 to $30 million. Money will also be spent to change the operating system to one compatible with Ameristar’s operating structure.
It will be difficult for the company to compete in a market that is already occupied by Harrah’s entertainment, but there are plenty of gambling dollars to go around, and that will benefit Ameristar as they compete for a share of that money.
Wisconsin Gambling Audit Show Discrepancies in Tribal Reports
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A state audit was released on Friday and the outcome could have just been a glitch in a computer program, or it could indicate foul play somewhere, something that will be extremely hard to determine.
Fraud or theft at the state casinos could be relatively easy if all of the gambling transactions are not monitored, which in turn means that money that could be going to the state is going into individuals pockets.
The officials from the state insist that the problem arose from a malfunction in the program they use to track the casinos numbers. They claim to have corrected the problem.
State Representative Suzanne Jeskewitz had this to say about the apparent state error, “I am cautiously optimistic that the division has implemented appropriate programming and oversight changes necessary to correct this problem.”
The problems that were found between the state numbers and everyday hand counts occurred during a one year span May 2006 to April 2007. Auditors finally brought out the idea that the numbers were not being monitored and that triggered a review of the numbers.
Other data that was released from the audit included a revenue of $1.3 billion in 2006, which increased from $1 billion in 2002.
Sands Casino in Atlantic City, New Jersey Set For One Final Show
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For years, Atlantic City has been the Las Vegas of the East Coast. A place where gamblers could go if they didn’t want to fly across country, but still wanted the gambling atmosphere.
Lately, however, with the expansion of casinos all across the East Coast, and with the pending expansion in Florida, the city located in New Jersey has been struggling to keep its casino tenants.
One of those such tenants, the Sands Casino, closed its doors last November, and now plans are moving forward on imploding the casino.
Nothing in a casino town can be done without glitz and glamour, and that is the reason that the city is giving a Vegas style send off to the once popular casino.
The building will be blown up on October 18th at 9:30 P.M. A laser light show and fireworks will be involved in the send off.
A new casino will be built on the property by Pinnacle Development. It is expected to be ready to be open in 4 to 5 years.