A big gambling payday

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by Bertram de Souza   | 306 entries

 

A story in the Columbus Dispatch about the deal reached between Gov. John Kasich and Rock Ohio Caesars, which is building two Las Vegas-style casinos in Cleveland and one in Cincinnati, contains this jewel:

“Los Angeles-based Moelis & Co., hired by the Kasich administration to help the state maximize its gambling revenue, will make 3.25 percent of any estimated added revenue from casino operators — capped at $13 million.

“That's on top of a monthly $200,000 retainer fee for the yearlong contract, bringing the potential value for Moelis to as much as $15.4 million.”

Little wonder that businesses are literally drooling at Gov. Kasich’s plan to privatize as much of state government as possible. From the lottery, to liquor, to the prison system, to the turnpike, there will be a lot up for grabs.

And with Republicans firmly in charge of the governor’s office and the Ohio General Assembly, there’s little the opposition Democrats can do.

There’s a second company, Penn National Gaming, planning on building a casino in Columbus and another in Toledo, but its initial agreement with the governor over revenues and taxes fell apart at the last minute.


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