Friday, March 12, 2010

Jamul Casino Update...

The latest Lakes Entertainment filing (which includes the full fiscal 2009 report) is in, and the bottom line is that they still seem to be pessimistic about the chances of the project ever completing. Just as all the other reports for at least the last two years, this report contains nothing to indicate that Lakes believes the Jamul Indian Casino project is ever likely to complete.

Something to be thankful for...
Posted by at 4:54 AM
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1 comments:

  1. Interesting reading in the 10-K issued by Lakes yesterday...
    "Lakes believes that the Jamul Tribe will ultimately prevail in this situation, but based on the typical duration of obtaining approvals of this nature, Lakes believes that a near-term resolution of the access issue is not probable. In addition, the local opposition to this project has not been resolved and Lakes’ current expectation is that issues associated with this opposition could cause further delays, even if resolution of access issues is achieved. These factors, in combination with the current general economic environment and probable difficulty of financing projects of this nature at desirable rates, have caused Lakes to adjust the projected opening date of this project to January 2015 without adjusting its estimated 50% probability of opening."

    Basically - the casino opening has been moved ahead 1 year (to 2015) and they are saying 'even if we get the CalTrans permit, the locals are still going to fight this tooth and nail'.
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