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Kansas Casinos Face Pinnacle Entertainment Withdrawal
TOPEKA, KANSAS --
The Kansas Lottery people dragged their feet so long figuring out which partners the state wanted to help operate its four projected casinos that the idea is no longer so attractive to the casino industry. First Penn National Gaming withdrew after receiving the Cherokee County casino rights; they gave the establishment of a nearby Oklahoma tribal casino during the bidding process as a major reason they lost interest.
Now Pinnacle Entertainment has withdrawn its application for the heavily-contested Wyandotte County casino without explanation, just days before the Lottery Gaming Facilities Review Board was scheduled to make a ruling.
Three contestants are still bidding for the Wyandotte license, including the consortium formed by Cordish Company and the Kansas Speedway, Golden Gaming, Inc,,and the Mohegan tribe of Connecticut.
Kansas had been considered a hot property when the decision to erect four casinos was passed last year. But during the lengthy and slow review process, circumstances have changed. Not only does the Oklahoma casino sit virtually on the border between the states, creating unforeseen competition, but Missouri is poised to do away with its loss-limits law, depriving Kansas of millions of potential visitors.
Combined with the ongoing credit crunch and financial crisis, conditions aren't so rosy for casino investors looking at Kansas today. It's too bad the state politicians took over a year to consider applications. This might end up costing the state in a big way.
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