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Wyandotte, Kansas was thought to be an up and coming area for a new casino. Many proposals were taken by the state and they narrowed down their list of potential developers to five.
That list has now dropped to four after the Las Vegas Sands Corp. pulled out in their efforts to land the casino license. They are claiming several reasons for removing their name from consideration.
The most pressing issue that caused Sands to pull out was a pending law change in neighboring Missouri. There is a referendum on the ballot for November that would do away with the $500 loss limit per gambler per two hour period.
The law change would affect many gamblers who would have traveled to Kansas to avoid the law. Now, if the law is changed, there will be no reason for anyone to travel outside of Missouri to play in a casino.
“This change, together with the increased borrowing costs in today’s financial marketplace, significantly decreases the expected returns from our proposed development in Kansas and limits our ability to generate appropriate risk-adjusted returns on the proposed investment vis-a-vis-our expected returns on our other global investment opportunities,” said Las Vegas Sands President, William Weidner.
Now that the Sands has pulled out of the race, there are only four groups left still wanting the opportunity to run the casino. Legends Sun, Pinnacle Kansas, Golden Heartland, and Kansas Entertainment will continue their pursuit of the license.
Kansas Limping To The Finish Line In Casino Gambling Expansion
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Casino gambling has been expanding nation wide on almost a monthly basis. The state’s that are getting into the game now, however, are facing some stiff problems in their efforts to bring casino gambling to their area.
Kansas is one of those such states. They had an abundance of developers that placed bids for their new casino licenses when they first made the decision to legalize the industry. That was then, this is now.
In recent weeks, several developers have pulled out in their efforts to secure the casino licenses. The economy and the growing competition between casinos have been sighted as reasons.
The two racetracks that are allowed to have slot machines, have failed to get deals done with the Kansas Lottery. That means that there will be a slim chance that either of the tracks will have their slots up and running next month as has previously been expected.
The state board has moved slowly in picking their choices for the casino licenses. The uncertainty has hurt the potential casinos with the economy growing worse with each passing day.
One of the areas selected for a casino, could end up with no developers who are willing to accept the responsibility of running the casinos. The state board believes the economy is the main factor in why developers are getting cold feet.