GAMING group Stanley Leisure pledged to spend more than £100m over the next five years on revamping its casinos. - Tuesday 12th of July 2005
Rhode Island has flashed a green light to a major gambling expansion expected to bring millions more in additional cross-border spending from Massachusetts bettors.
Legislation recently passed by Rhode Island lawmakers will allow the Lincoln Park dog track and a Newport gambling center to add 2,500 new slot machines.
The move appears to be partly defensive.
In approving the slot machine expansion, Rhode Island lawmakers cited the need to protect a key source of revenue if Massachusetts were to join the gambling game.
Along with adding slots, the two Ocean State gambling venues are also laying plans for roughly $150 million in upgrades that will expand and renovate both facilities.
``That is quite a significant expansion, said Clyde Barrow, a University of Massachusetts at Dartmouth public policy professor and gambling expert.
``They are increasing the number of slots by a third.
Meanwhile, shareholders of Lincoln Parks British parent company, Wembley Plc, have agreed to sell the dog track to BLB Investors - a group that includes Mohegan Sun founder and international gambling tycoon Sol Kerzner.
Rhode Islands move to add slots is expected to provide political ammunition to Beacon Hill supporters of expanded gambling, who are preparing for a fall push on the issue.
Massachusetts finds itself losing a steadily growing stream of dollars to states with slot machines and casinos, warned state Sen. Michael Morrissey (D-Quincy).
While Rhode Island and Connecticut, with its two giant Indian casinos, are veteran players, other states, including Maine and New York, are also now joining the gambling gold rush, he said.
Overall, Lincoln Park will add 1,750 slot machines to the roughly 3,000 it has now, while Newport puts in an additional 800 slots.
Other news from around the same time
Stanleys £100m revamp - Tuesday 12th of July 2005
GAMING group Stanley Leisure pledged to spend more than £100m over the next five years on revamping....
Wembley plc - Completion of U.S. sale process and share repurchase - Tuesday 12th of July 2005
The Board of Wembley announces that the sale of the US Gaming Division completedyesterday with the n....
Binions mulls its future in poker - Tuesday 12th of July 2005
Management at Binions Gambling Hall and Hotel is offering more questions than answers about next yea....
Harrahs Entertainment Wins 869 Honors in Casino Players Best of Gaming Awards - Tuesday 12th of July 2005
For the sixth consecutive year, Harrahs Entertainment, Inc. (NYSE: HET - News) led the gaming indust....
Shuffle Master, Inc. and TCS Announce Arbitration Settlement - Tuesday 12th of July 2005
Shuffle Master, Inc. (NASDAQ National Market: SHFL - News) and TCS announced today that they have re....
Stanley ups casino stake - Tuesday 12th of July 2005
LIVERPOOL gaming group Stanley Leisure announced £100m expansion plans for the next five years toda....
Affandi Salleh, 45, the managing director of a local company, said Raffles Hotel should be owned by a Singapore company because of its heritage value. - Tuesday 12th of July 2005
THE high rollers have started losing again at Stanley Leisures top London casinos. The previous year....
Singapore Raffles group sells hotels at $859 mln - Tuesday 12th of July 2005
U.S. investment firm Colony Capital is to buy the entire business of Raffles Holdings, owner of Sing....
Casino firm Stanley Leisure profit down 4 pct - Tuesday 12th of July 2005
Stanley Leisure (SLY.L: Quote, Profile, Research) posted a 4 percent fall in underlying annual profi....
Colony Capital in Agreement to Purchase 41 Luxury Hotels from Raffles Holdings - Tuesday 12th of July 2005
Colony Capital, LLC, a leading international investment fund with more than 15 years of experience i....