Kansas Casino Not In The Cards For Golden Gaming

The amazing saga of Kansas casino gambling took yet another turn on Thursday. Golden Gaming Inc, which had previously submitted a $660 million bid to develop a casino at the Kansas Speedway, pulled its offer off the table.

It becomes another blow in a long list of them since Kansas decided to authorize four state-owned casinos. It has been several years since that authorization and still there is not one casino built in the state.

Kansas thought they were on their way to casino gambling when they picked four developers the first time around. Three of the developers pulled out of their deals because of the financial problems in the US. Now, it appears that is the same reason Golden Gaming is pulling their bid.

"Given the ongoing turmoil in the financial markets, we feel it is prudent to preserve liquidity for other opportunities that may arise in the future," said Golden Gaming Executive Vice President Rod Atamian in a release on Thursday.

There are still two other bids that are being considered by the Kansas Lottery. Penn National has placed a bid of $500 million, and the Kansas Speedway, with the Cordish Co., have placed a bid of $700 million. Golden Gaming did not feel that they could compete with the other offers at this time.

"While we believe in the long-term viability and appeal of our site and project, we are not confident in making such a commitment on our own in the current environment," said Atamian in the release.

May 15, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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