By Unanimous Decision, Paragon Loses Casino Bid in Missouri

Missouri State Gaming Commission chairman James Mathewson of Sedalia reacts to the process of selecting Cape Girardeau and the Isle of Capri Casino as the presumptive recipient of the state's 13th and last riverboat gaming license.

On December 2, 2010, the Missouri Gaming Commission voted 5-0 to grant its final vacant casino license to locally run Isle of Capri Casinos, in preference to Las Vegas run Paragon Gaming’s Sugar Creek bid and one other competitor. No dice for Sugar Creek casino – Independence, MO – The Examiner.

(Paragon are the current owners of Vancouver’s much smaller Edgewater Casino. BC Lottery Corp has given them the contract to to open a giant new expanded Edgewater next to BC Place Stadium – IF Vancouver City Council approves it.)

Missouri’s open, public, competitive bidding process contrasts with sharply with the BC Lottery Corporation’s approach. Missouri set a 6 week deadline for interested bidders to submit detailed economic assessments, then another 6 weeks to submit a formal application, following which there would be another 2 months for public hearings, polls, independent economic impact reports, with no formal end time for the consideration process. SE Missourian.com: Missouri Gaming Commission sets timetable for casino licensing process (05/27/10)

Here’s the chair of the Missouri Gaming Commission on the selection process – see YouTube.

Paragon Gaming’s $407 million proposal was not able to garner a single vote of support from the Commission, having been assessed as generating the least amount of revenue and generating the fewest jobs of the three shortlisted bidders.

(Note: Paragon has been making a lot of noise about the jobs it will create in Vancouver, but they don’t address the way such casinos suck money and jobs out of the surrounding businesses and economy. Its jobs algorithm is faulty – and furthermore, it is not talking about high-level or green jobs.)

Advertisements

2 Comments on “By Unanimous Decision, Paragon Loses Casino Bid in Missouri”

  1. Canadian Reader says:

    Copy this post to the Mayor and Council. A company that gets shut out in Missouri should not be coasting into an easy win in Vancouver.

    Nice toupee though.

  2. Lee Chen says:

    We don’t need American’s rejects setting up huge casinos here – and why is a US company being allowed to siphon money out of BC anyway, especially in economic times like these? Missouri knew this company smelled wrong. Vancouverites need to let City Hall know this is not ok. Not to mention we don’t want this casino here in the first place!


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s