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Minority-Owned Casino's Backers Like Long Shots19 June 2006PHILADELPHIA -- As reported by the Philadelphia Inquirer: "The odds aren't good. "With the exception of American Indians, minority groups historically have not succeeded in winning casino licenses in any of the 48 states that permit some form of gambling. "Only Don Barden, an African American businessman from Detroit, can boast of owning five casinos. No Atlantic City casino can be considered minority-owned. And in Pennsylvania, while diversity is encouraged in the licensing process, none of the 14 licenses has been set aside for a minority applicant. "But those odds did not dissuade William R. Miller IV, a local businessman, and Obra S. Kernodle III from rounding up a dozen investors, largely from Philadelphia's African American business and professional sectors, to make a run at a Pennsylvania slots parlor. (Kernodle died in November 2004. His daughter Whytni Kernodle is now an investor.) "...Owning a casino is one thing; running it is another. Miller and Willie F. Johnson, who is chairman of the investor group, spent 18 months visiting and interviewing prospective casino operators - 20 in all. "An unlikely trio won them over - Robert I. Earl, a restaurant entrepreneur, who helped turn Hard Rock Cafe into an American icon; Douglas P. Teitelbaum, a financial wizard whose hedge fund has made billions buying distressed firms; and Michael V. Mecca, a casino executive who opened one of Detroit's casinos in 2000. "The three are behind the transformation of the storied Aladdin casino in Las Vegas into a Planet Hollywood Resort & Casino. "...The Pennsylvania Gaming Control Board is expected to decide by the end of the year which of the five proposed casinos for Philadelphia will get the two city licenses..." |