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Harrah's Refuses to Gamble on Kansas Casino
TOPEKA, KANSAS --
The Kansas casino debacle continues to worsen. Once the hottest item in the gambling industry, Kansas casino licenses now are being dropped so fast, one could probably find them alongside highways leaving the state.
Harrah's Entertainment became the latest casino operator to abandon plans for the state Monday, as the company notified state lottery officials that it was no longer interested in pursuing a casino in Sumner County. This follows the withdrawal by Penn National Gaming, which turned down the license in Cherokee County after being rejected in Sumner in favor of Harrah's.
Liquidity concerns for the major casino operators and the unavailability of financing, plus declining revenues at many land casinos, have caused Harrah's to second-guess their Kansas plans.
The lengthy, seemingly endless application process for Kansas' proposed four casino projects began last year, when companies were racing to beat each other at erecting more, newer, and bigger casinos. However, during the review of bids by the Lottery Board, a tribal casino was constructed in nearby Oklahoma, giving new competition to any Cherokee project.
Further, the long delays by state officials let the impact of the changing economy resonate within the casino industry, causing alterations of business models, and creating caution where none previously existed.
Now Kansas has gone from fighting off many suitors to searching for any candidates who might still have interest in the state. Bidders shut out the first time are newly wary of reapplying, saying it depends on what changes Kansas makes to the agreements.
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