Wednesday, December 20, 2006

One Man's post mortem....

Some parting thoughts from the Susquehanna Financial Group's gambling analyst, Robert LaFleur, who correctly predicted four out of the five licenses....




Wednesday, December 20, 2006

PA Gaming License Post Mortem

ISLE: Positive; LVS: Positive; HET: Neutral; PNK: None; TRMP: None

Robert A. LaFleur

Robert Shore

-------------------------------------------------------------------------------

After a tremendous build-up, it was over in minutes. The Pennsylvania Gaming Control Board (PGCB) voted for the first license at around 11:24am E.T. this morning, and by 11:31am five licenses had been awarded.

There were few surprises, and four out of our five predicted winners prevailed. The winners for the two Philadelphia licenses were HSP Gaming (the SugarHouse project) and Philadelphia Entertainment (the Foxwoods project). These were our two top picks.

Prior to yesterday we had Foxwoods and Pinnacle running neck and neck, but gave the nod to Foxwoods after their final pleading yesterday. The two at-large winners were LVS's Bethworks project in the Lehigh Valley and Mt. Airy in the Poconos. These two projects had been our front-runners for the at-large licenses for many months.

The biggest surprise, and our biggest miss, was Pittsburgh. The PGCB shunned both Isle of Capri Casinos and HET/Forest City, and awarded the lone Pittsburgh license to PITG (Don Barden's project). Apparently the Board was not nearly as concerned about the fate of the Pittsburgh Penguins as we thought they would be.

Overall, four of the five awardees were private companies. The only public company to win a license was LVS. ISLE, PNK, HET, and TRMP were all shut out.

HIGHLIGHTS

What's next?
Applicants who did not win have the right to appeal to the State Supreme Court. We think there is little chance that any of the appeals will be heard, let alone be successful, but the winners do not officially receive their licenses until the appeals process runs its course. Our PA sources tell us that this process could take 4-6 months before the final licenses are issued. It is not clear if the successful applicants will go ahead and begin early construction on their projects before physically receiving their licenses or not. During the next several weeks we also expect the PGCB to issue evaluations of each of the applications and the rationale used for selecting or rejecting each applicant. These assessments are expected by mid-January.

What helped, what hurt: nearby competition?
From those applicants that were granted licenses, a couple of issues jump out. First, no company with properties in Atlantic City was granted a license. TRMP, PNK, and Aztar/Tropicana, who each have properties in Atlantic City, were all denied a license. Two of the successful applicants have no other gaming properties (SugarHouse and Mt. Airy). The gaming interests of the other three successful applicants are well away from Pennsylvania: LVS (Las Vegas, Macau), PITG/Don Barden (Gary, Black Hawk, Las Vegas, and Tunica), and Foxwoods (Connecticut). It would also appear that having a frequent player program - for which applicants who had them (HET and TRMP) touted as a potential driver of business - was not seen in a favorable light by the Board. Perhaps the PGCB thought these programs were as (or more) likely to export Pennsylvania patrons to other properties as they were to import patrons from elsewhere into PA.

What helped, what hurt: tax take vs. community impact?
Clearly revenue generation was not the sole factor the Board considered. Most observers in Philadelphia thought one inland and one riverfront casino would generate the most revenue. TRMP, the only inland casino, did not win, so this clearly was not the sole factor. In fact, internal revenue projections were highest for TRMP and Planet Hollywood, and neither won. TRMP could not overcome its AC conflicts, community opposition, and the Board's apparent skepticism that its project would be a net benefit to its host community. That said, outside Philly, the two at-large licenses went to the projects with the highest projected revenue generation. Neither the Mt. Airy nor LVS received much community opposition, while both offered clear revitalization benefits.

What helped, what hurt: focus on the casino?
PITG won in Pittsburgh by focusing on the casino. PITG stayed out of the Penguins arena debate and let HET/Forest City and ISLE beat each other up over the issue. Yesterday the PGCB was clearly agitated that so much of the debate in Pittsburgh had focused on the arena and not the casino. When asked about whether its lack of a player tracking system would hurt its prospects, PITG said that it was focused on running a casino in Pittsburgh for people who lived in and around Pittsburgh, not moving people between casinos. It also helped that the Board's revenue projections for PITG were higher than the competitors.

What helped, what hurt: connections?
While political connections, local ties, degree of minority ownership, and other "inside baseball" factors were supposed to play a big role in these PA license awards, at the end of the day we think, by and large, the best all-around projects won. The process seemed about as fair as it could be.

##

30 comments:

Anonymous said...

"The process seemed about as fair as it could be."

How in the hell are the Philly dailies going to spin this into something negative?

Anonymous said...

Well, I see how one Daily News reporter, Will Bunch, is going to spin this. He's going to ignore it and blather on his company-paid blog about who has more "juice." Then censor any post that mentions the report.

"So what does it all mean?

It merely means that some people have less juice in this town than you thought, and some apparently have more.

Less? Mayor Street, Trump, Brian Tierney, Pat Croce.

More? Flyers and Sixers' owner Ed Snyder, Iverson-trading Billy King, power attorney Dick Sprague, some guy named Neil Bluhm, Vince Fumo, and Native Americans.


Meanwhile, Mr. "Attytood" censored my reply:

Susquehanna Financial Group's gambling analyst, Robert LaFleur, who correctly predicted four out of the five licenses had this to say:

"While political connections, local ties, degree of minority ownership, and other "inside baseball" factors were supposed to play a big role in these PA license awards, at the end of the day we think, by and large, the best all-around projects won. The process seemed about as fair as it could be."

http://paslots.blogspot.com

But, I'm sure, Bunch, you will ignore this objective, professional and educated analysis of the gaming license process and rant ignorantly about who has the most "juice."

Anonymous said...

I also would like to thank the reporters who manage this blog for publishing this report and for keeping this forum open to those who have different views on this and other issues.

Anonymous said...

As I look at the whole situation, I find myself scratching my head. Riverwalk, a group majority-owned by minorities who live, work and have businesses in Philadelphia was completely overlooked for licensure. The snubbing didn't begin at the end - whenever Riverwalk Casino was mentioned, it was always with an air of disrespect. A group that was born of the city and had plans to improve and positively change the city, was completely disregarded. Is it too much money in the hands of those with names and faces that we regularly read about in the paper and saw on the news? In the wake of all that's wrong with Philadelphia - a crime rate that's ridiculously out of control, a poverty rate that we don't EVEN want to talk about, did anyone think about our commitment to Philadelphia would do? We grew up in the troubled neighborhoods, we attended the declining schools, and we know what needs to be done. It's a sick paradox - crime happens when there’s no money people’s pockets, but wait, can't give them the money. It's a broken circle that will NEVER be joined unless one thing happens - WE become politically powerful so WE can achieve financial and social power. It's a very simple thing that was spelled out to me today. I sat and listened to the decision today on KYW and listened to Foxwoods, a group that was fined $200,000 for illegal political contributions, get the nod from the Pennsylvania Gaming Control Board. What's worse is how hush-hush the process was. The only people who cared or even knew about the casino licensing were those affected - either as investors or those who lived in neighborhoods that would be directly affected. I would ask the average person if they knew what was going on and they were clueless. Why? Too much education would have caused too many problems in this situation. Harrisburg and Philadelphia had enough problems with the anti-casino groups.

It's very disheartening. Where is the hope for our troubled youth whose role models have gold teeth and spinning rims? Today reinforces the loss of hope that we've experienced over the years. Have I given up? No. I'm just hungrier. I want to fight more. I want to work harder. I'm young and God-willing, I have many years ahead of me. The lesson that I learned today was that what seems to be right, isn't always what will be. I knew it but never knew it like I know it today. We must uplift each other, not just black people or women - we as people with a mind for what's right and beneficial. We need to play the game for what we believe in. All day, I had one word in my head - Ujaama. If you don't know what it is, GOOGLE it. We have a lot to think about.

Anonymous said...

Are you referring to the terrorist Earnest James Ujaama, who pleaded guilty to a number of charges and violated parole? What does he have to do with any of this....please elaborate my brotha

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Ujaama as in a principle of Kwanzaa for collective economic responsibility. I'm female, by the way.

Anonymous said...

people of philly....look forward to out of country workers taking the jobs of american citizens.
madatfoxwoods.com this is a foxwoods employee site.

Anonymous said...

Please view this Website, thefixersprague.com this is the Law Firm representing
Senator Fumo . I have 30 years of Court Documented Proof that
Attorney Richard A. Sprague of Sprague&Sprague is involved in Racketeering.And PUT HIMSELF ABOVE THE LAW TO FIX A CASE HE KNEW HE COULD’NT WIN LEGALLY!!!!!! Richard A. Sprague subverted, perverted, and contorted the Law of the Land to FIX a case for clients who were being investigated by the F.B.I. and the U.S. Attorney.
And his client Robert J. Rosenstein aka R/S Financial Corporation of Philadelphia,
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Rod J. Rosenstein U.S. Attorney of Maryland, with this Political Connection, you have free reign as a CRIMINAL, When Rod J. Rosenstein was hired by theU.S. Department of Justice, the investigations against his Father Robert J. Rosenstein mysteriously ceased.
Please view on the Website the cover-up between the Schuylkill County Courthouse,
Prothonotary’s office and Sprague’s Office with a lost Opinion, Peter J. Symons Jr, head of the Prothonotary’s office signs statement stating, lost/misplaced Opinion and called Pa. Supreme Court to Fax a copy. Well, an Intellius Report was done and the fax number turned Out to be a landline in Sprague’s Office, not a dedicated fax line, this number must be THE DIRTY DEEDS LINE.Also please view the Forensic Document Examiner’s Report Of all the altered dockets in the Prothonotary’s office in Schuylkill County, Pa. Also, view the West Law report on the not signed certiorari from the United States Supreme Court. Fake Court documents are being submitted from the clerk of
Courts office to (Thomson West Law and Nexis Lexis, They do not require that opinions, decisions , or any documents pertaining to court cases be certified from the courts
That forward said cases to verify authenticity.
I have been a Victim of Crime at the hands of Richard A. Sprague for 30 years,
In thefixersprague.com is just some of the Proof I have, I couldn’t fit 30 long dirty years
On my website, Richard A. Sprague was a previous President Judge of the Judicial Conduct Board of Discipline in Pennsylvania (over ethics, GOD HELP US ALL).
Richard A. Sprague has been and always will be a LEGAL TERRORIST!!!!!!!!

ANTHONY KOVALCHICK SENIOR, VICTIM OF CRIME AND CONSPIRACY

Anonymous said...

In answer to what appears to be a paid advertisement by Foxwoods; (I guess these lies couldn't be legally reported as an actual story)

Raises and improved benefits for Foxwoods workers
February 21, 2007 http://business.bostonherald.com/businessNews/view.bg?articleid=184203


Scams, Cons and Lies! Foxwoods management is once again intentionally lying to the public, expecting NO real investigative reporter to actually question their false claims. Your media outlet should be compelled to print a retraction of their deceitful claims. Last year, Foxwoods hired a research firm to evaluate our wages and benefits. Their finding, was that Foxwoods employees were indeed BELOW industry standards!

The across the board raises they have announced, are nothing more than a reshuffling of the employees already existing and long standing "annual increase/review." They announced a change to the program, that abolishes all employees anniversary reviews, and replaces them with a company wide review effective March 2007. This is nothing more than switch and bait, tied up with a very transparent bow. Thousands of employees will receive NO additional wage increases from this restructuring. A percentage of employees, who meet all criteria MIGHT receive a ONE-TIME increase of up to an additional 10 cents per hour. A full-time Floor Person, with 15 years experience could possibly receive a ONE-TIME maximum increase of up to ONE DOLLAR per DAY! I repeat, $1/day, or 12 cents per hour maximum increase.

The statement regarding the addition of an employer paid retirement benefit, is even more heinous. Under Foxwoods proposed benefit enhancement, they will be taking the first $500 out of our own well established annual performance bonus, and automatically putting it into our 401K. They will take our own money and give it back to us in the form of a 401K investment that we can't touch until 59 1/2. That is not what I would ever consider a COMPANY PAID RETIREMENT BENEFIT, by any stretch of the imagination. This new proposal only benefits Foxwoods, by reducing their FICA match for each and every pretax dollar of ours that they are allowed to automatically take and deposit in 401Ks.

This news comes after many reductions to our employee benefits program over the past several years. Go to www.madatfoxwoods.com and read the guestbook posts, if you want to hear what employees really think! Then, go to www.tribalnation.com to learn about the tribe.

If you want a real shock, ask Foxwoods management about the new criteria for determining whether we even get an "annual performance bonus" again. Rather than making this a simple profit sharing program, and rewarding their employees with just 2% of the tax free profits we employees actually generated at approximately 1.6 BILLION DOLLARS last year, they have included a vague clause stating that if we do not meet the projected profits for a quarter, we wouldn't EARN our bonus. They could predict or project any unattainable profit figure per quarter and eliminate our bonus altogether.

A recent ruling supported the NLRB, regarding enforcing Labor Laws for employees of Native American businesses. We need Connecticut to enforce the State Laws as well. Thousands of employees at Foxwoods are paid below Connecticut Minimum Wage. Because of the recent ruling, every Foxwoods employee who has ever been paid below minimum wage, should be reimbursed retroactive for every cent they were illegally underpaid. All of this profit hoarding, is taking place while the Mashantucket tribe, STILL receives federal funding. I am informed by a tribal employee, that just last year the 600+ tribal members received in excess of $1,000,000(ONE MILLION+ DOLLARS) in the form of this Tribal Welfare. How does a tribe generating this much tax free income, qualify for any sort of Federal funds? Why are your hard earned tax dollars being paid to these tax exempt millionaires?

You have either been intentionally misled by Foxwoods management, or blatantly lied to.

We are now being threatened with termination if we communicate company activities to any media outlets.

anthony kovalchick senior said...

Sprague Law Firm Threatens Blog:

Anthony Kovalchick Senior says…Richard A. Sprague, Please sue me so that I can get Justice and the Media and the Public can view the Criminal Conduct and how you fix cases!!!

The Sprague Law Firm is threatening to sue pennsylvaniaprogressive.typepad.com for blogs that Anthony Kovalchick Senior has posted, please view this under May archives and scroll down.



May 19, 2007

Mr. Morgan, the Kovalchick family is very sorry that Thomas E. Groshens of Sprague & Sprague bullied you and is trying to infringe on your rights as a blogger. As you can see, taking away the civil rights of the American people are the tactics of the Sprague & Sprague firm.

In rebuttal to Thomas, E. Groshens email:

The information on thefixersprague.com and blogs is all-TRUE. Richard A. Sprague and the entire firm of Sprague & Sprague are trying to do some damage control. However, the truth is the truth, so when it is out there for the public to view, it is detrimental to their reputation as officers of the court. The truth hurts!

Now let us cut to the chase:

Richard A. Sprague has quite the reputation as a libel suite king. He has sued numerous people and the media. He was defending himself in claims that he was not guilty of jury tampering. He also did not like the ABA Journal describing him as “perhaps the most powerful lawyer-cum fixer” in Pennsylvania.

See: www.klinespecter.com/news_sprague_m2m.html

If Richard A. Sprague says, he and his firm are being defamed by Anthony Kovalchick, Senior – WHY IS HE NOT SUING HIM? Why does Richard A. Sprague beat around the bush by harassing bloggers, internet providers, and web hosts? My website has been shut down twice and blogs have been deleted. I had to move my site out of the COUNTRY to get some justice. This last attempt to shutdown my website has failed, so now he is harassing my internet provider.

Statement of Anthony Kovalchick, Senior to Richard A. Sprague:

Time is of the essence. I am 86 years old and you are I believe 81 years old. I saw you on your news conference and you look in bad shape. So start the lawsuit for defamation against me and bring it on! The only two times my family had a jury trial when you represented Robert J. Rosenstein, father of U.S. Attorney Rod J. Rosenstein of Maryland, WE WON! All I want before I leave this earth is a jury of twelve honest law-abiding citizens to view my proof and hear my sorrow. I am assuming you might not have enough attorneys since your firm; Sprague & Sprague is so busy with the Senator Vincent Fumo scandal that implicates numerous attorneys from your firm as criminal coconspirators.

See: United States District Court Eastern District of Pennsylvania - Case Number 2:06-cr-00319-WY-3

Remember, I have 30 painful years of court-documented proof. I also have all the proof of the bank fraud and insurance fraud the firm of Sprague & Sprague perpetrated in Pottsville, PA.

I want justice for my late wife Helen, who suffered a stroke that resulted in brain damage at the hands of Robert J. Rosenstein and you, Richard A. Sprague. As a result of the brain damage she suffered, she wandered about the town of Tamaqua in her nightgown not knowing who she was or where she was going. The police and neighbors would bring her back to her home. I also want justice for the 30 years of pain my entire family suffered because of a scam artist with political connections.

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