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Las Vegas. The name is synonymous with casino gambling. The two words spark visions of bright lights and sounds of slot machine bells ringing. Those visions may soon be coming to mind when thinking about another word. Colorado.
Republican Representative Al White believes it is time to expand betting limits and times casinos can operate in the state of Colorado.
Since 1990 casinos in Colorado have been open to casino gambling. The limitations for those casinos were two fold. First, they could only operate between the hours of 8 A.M. and 2 A.M.. Secondly, the max bet could only be $5 per game.
Now the state government is looking into ways to expand on both fronts, which in turn would generate more revenue money. That extra money would go to causes such as funding the state’s universities and colleges.
“The thing I like about it is it solves our higher education problems not on the backs of Colorado citizens. People from California and New York would be coming to help us fund our colleges and universities,” said White.
Currently, the casinos in Colorado are generating $100 million every year. With the time and limit expansion, White believes that that number would double. That would be a welcome addition in funding for state programs.
Harrah’s Clears Final Hurdle For Record Casino Buyout
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Harrah’s Entertainment has been on a long journey this year. They have had to get clearance from over eight states’ gambling regulators. Now, the final hurdle has been cleared.
On Monday, the company announced that the National Indian Gaming Commission approved Harrah’s sale to Apollo Management and Texas Pacific Group, private equity buyers.
The sale is reportedly worth $17.7 billion. When the sale is complete, it will be the biggest casino sale ever. All that is left is the closing. There are no more regulatory approvals necessary before the deal is completed.
New Jersey, Pennsylvania, Louisiana, Missouri, Mississippi, Iowa, and Illinois have all approved the deal. The Nevada Gaming Commission signed off on the deal last week, making the Indian Gaming Commission the last hurdle.
Harrah’s runs over fifty casinos in the United States. They have several casinos in Las Vegas and also one in Atlantic City. They also have various casinos spread out around the rest of the country.
The current buyout is expected to be completed in the early stages of 2008.