Gaming News

Emerald Casino Players Against New Plan

ROSEMONT, Illinois – As reported by Chicago Business: "The village of Rosemont and minority investors in Emerald Casino Inc. threatened Tuesday to oppose the state's latest plan for securing a cash windfall from the sale of Emerald's dormant casino license.

"Their objections cast new doubts about whether proceeds from the sale would be available to help augment the state's current budget. State officials have said the sale could net the state up to $350 million.

"…But lawyers for Rosemont and the minority investors warned the board they'd fight attempts to graft Emerald's latest deal with the state onto the company's reorganization plan in U.S. Bankruptcy Court, which will oversee the auction of the license.

"…At issue are the provisions in last month's deal between Emerald and Illinois Attorney General Lisa Madigan that limit the amount of money minority investors and the village of Rosemont could receive from the license sale.

"…Meanwhile, Rosemont officials object to capping at about $45 million the village's claim for the cost of a parking garage it constructed for the casino. And they take issue with the fact that the current proposal shields Emerald's principals, Kevin and Donald Flynn, from civil lawsuits Rosemont could file to recover additional expenses…"

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