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Delaware Casino Plan Finds Backers

DELAWARE – As reported by the Delaware News Journal: "Developers proposing a $300 million gambling and entertainment playground for 50 acres on Wilmington's Seventh Street Peninsula have teamed up with Merrill Lynch & Co. to overcome political opposition to a casino there.

"Diamond Entertainment Group of Wilmington signed a 'letter of engagement' with Merrill Lynch on Monday that calls for the giant investment banking, financing and insurance firm to tackle a number of issues related to the development of the so-called Diamond Casino Resort, said Claire M. DeMatteis, the lobbyist for Diamond Entertainment Group in Wilmington.

"Merrill Lynch is the country's leading mergers and acquisitions adviser in the gaming industry. It is one of the top underwriters in providing debt for the gaming sector, and has worked in every major gaming market in the country.

"…Diamond Entertainment wants to build a resort-style development similar to the Mohegan Sun gaming and entertainment venue in Uncasville, Conn., in the area bounded by the Brandywine and Christina rivers. The project calls for a 400-room hotel, four different themed casinos, live dinner theater, restaurants, arena, high-end shopping and, possibly, a marina.

"…In June, Diamond Entertainment and two other groups proposing three separate casinos on Wilmington's waterfronts, were dealt a setback when the House Gaming and Parimutuels Committee tabled a bill to expand slot-machine gambling beyond the horse racing tracks…"

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