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Minnesota GOP Leader Launches Slot Venture

MINNESOTA – As reported by the Minnesota Star Tribune: "In launching a business that sells slot machines to casinos, Minnesota Republican Party leader Ron Eibensteiner has joined investors long associated with gambling ventures in Minnesota and Nevada.

"Brad Olah, a pioneer in the Midwest gambling industry, is a major investor in Eibensteiner's new company. Olah started Innovative Gaming Corporation of America, a Plymouth firm that sold slots in the 1990s to Minnesota tribal casinos.

"Another investor is Wayne Mills of Edina, who was chief executive officer of Innovative for a while after it moved to Las Vegas. Eibensteiner said Mills helped recruit him to be on Innovative's board of directors in 2002. Eibensteiner also invested in the firm.

"Spectre Gaming, Eibensteiner's latest venture in the industry, is getting going amid expectations that the Legislature will soon consider proposals by Gov. Tim Pawlenty and others to overhaul the state's gambling agreements with Indian tribes.

"…That has prompted some to wonder if Eibensteiner, the single largest individual shareholder in Spectre and its chairman, could benefit from any political changes in casino gambling.

"…Eibensteiner said last week that no conflict exists because he won't do business in Minnesota as long as he's chairman of Spectre or involved in its management. He said he hopes to resign as chairman in a couple of months.

"But Eibensteiner said he has no plans to sell his investment in Spectre anytime soon, and he didn't rule out the possibility that the firm would some day try to do business with a Minnesota casino -- even one sponsored by the state -- while he still has a large financial stake in the company…"

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