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Kansas casino projects hit hard by economy

KANSAS CITY, Missouri -- As reported by Reuters: "Developers of a $705 million hotel, casino and entertainment complex have pulled out of a deal with the state of Kansas, blaming a rocky economy for the need to revise the project.

"The joint venture of an International Speedway Corp unit and Cordish Co cited "an unprecedented crisis and disruption in the global financial and economic markets" in pulling out. The group asked the state to refund $25 million in fees paid after the developers won the right to develop and operate the state-owned casino and entertainment complex in Wyandotte County, Kansas, last summer.

"The 1.5 million square-foot Hard Rock Hotel and Casino was to have included a 300-room luxury hotel, a casino with 3,000 slot machines and 140 gaming tables, and a 275,000-square-foot retail, dining and entertainment facility. It was expected to attract 8 million tourists annually to Kansas.

"The group said it intended to reapply for a state license and was prepared to move forward with the $400 million casino. Timing for the rest of the project is questionable because of economic concerns, said International Speedway spokesman Wes Harris.

"...Last month, a similar casino development planned elsewhere in Kansas was withdrawn by Penn National Gaming, a partnership that included Harrah's Entertainment Inc. Penn similarly cited the disruption in world financial markets..."

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