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Illinois License Auction Approved16 January 2004ILLINOIS – As reported by the Chicago Sun-Times: "A judge Thursday allowed an auction of the state's 10th casino license to proceed, but a well-known player in the casino competition, Donald Trump, was forced to withdraw from the bidding. "Trump Hotels & Casino Resorts had hoped to build a casino in Crestwood, but its proposal fell apart because a lease for the site it wanted in the south suburb could not be negotiated in time for the bid deadline, which is Monday. "…Despite the auction moving forward, much still must be resolved if the license, now held by Emerald Casino Inc., is to be sold in U.S. Bankruptcy Court under a legal settlement between Emerald and Illinois Attorney General Lisa Madigan. That plan calls for Emerald to sell the license rather than face allegations of wrongdoing from the state's Gaming Board, pay its shareholders and creditors, and share remaining sale money -- possibly hundreds of millions of dollars -- with the state…" |