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Stand Up for California! is a statewide organization with a focus on gambling issues including tribal gaming, card clubs, horse racing, charitable gaming and the state lottery. | |
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Station Casinos downgraded after seeking debt exchange 11/27/2008, Las Vegas Review-Journal
Moody's Investors Service on Wednesday downgraded Station Casinos' probability of default rating from Caa2, or in poor standing, to Ca, or extremely speculative, a day after the gaming company announced it was seeking a private debt exchange. Station Casinos announced Tuesday it hopes to issue a pair of 10 percent secured term loans due in 2016, pushing the earliest maturity date back four years. The casino company's corporate family rating remained at Caa2. CreditSights, an independent credit analysis firm, said Wednesday in a investor's report the "proposed exchanges will not forestall a bankruptcy" without the company seeking credit amendments from its banks. Station Casinos "has its back against the wall as the company is likely to breach its financial covenants by the end of the year," CreditSights analyst Christopher Snow wrote. Snow wrote that negotiations with the banks started last month after the company unsuccessfully tried "to exchange some of its subordinate debt for equity," during the summer.
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Lotteries may be recession-proof but they are not banking-crisis proof 11/28/2008, News Economics
"Amid a banking crisis that heightens uncertainty in almost every U.S. market - labor, housing, credit - consumers are tolerating-less the probability of losing and stepping back from the lottery. I am still not convinced that consumer behavior has changed fully to incorporate a sharp downturn in the toleration for risk (stronger risk aversion) and surge in the marginal propensity to save. However, the anecdotal evidence - such as states selling fewer lottery tickets - is building. States like California depend on lottery sales for budgetary expenses; a permanent decline in sales would seriously impair fiscal budgets of said States (was that another shoe to drop?)."
Michael Anderson predicts the future11/28/2008, Indian Country Today LAS VEGAS - Michael Anderson didn't bring a crystal ball to the Las Vegas Convention Center, but he did make a series of predictions with an upbeat view of the future of Indian gaming on the 20th anniversary of the Indian Gaming Regulatory Act. At a panel called "IGRA's Impact: 20 years of federal oversight of Indian Gaming" during the Global Gaming Exposition Nov. 18-20, Anderson offered predictions and speculations - along with a couple of caveats, cautions and strategies - for the next several years. The seventh annual Global Gaming Exposition, or G2E, is a mammoth four-day event that attracts 30,000 attendees, including members of the tribal gaming community, experts from global commercial gaming and 700 exhibitors. He delivered his predictions and speculations within the context of two overarching trends that are pushing against each other: As tribes have become more successful, opposition to Indian gaming has grown. | |
State Legislation to Watch
On December 1, 2008 the 2009 Legislative Regular Session Convenes for Organizational Session
Federal Legislation to Watch
A Lame Duck session may begin Nov. 17/18, there is speculation of a 'Lands Ominbus bill' to be introduced by Senator Harry Reid. It will carry approximately 160 bills that have previously passed the House, as well as Senate Bills. MORE AS IT EVOLVES.
H. R. 2963 - ENROLLED Congressman Issa Transfers without regulatory environmental process 1,178 ac. in Riverside and San Diego Counties to the Pechanga Band. AMENDED TO INCLUDE:
No Gaming. Maintained as open space and construction consistent with this purpose.
No existing right of ways or right of use prior to the date of enactment are affected.
H.R. 3490 -REPORTED TO SENATE Congressman Radanovich Declares that specificed federal lands are to be held in trust by the US for the benefit of the Tuolumne Band of Me-Wuik Indians for non gaming purposes.
H. R. 5680 REPORTED TO SENATE Congressman Grijalva - A bill to extend leases for Morongo and transfer money to CRIT.
S. 3320 - Tribal Law and Order Act - to be introduced in early 2009.
LINKS and Legislation
Stand Up For California - Library
Stand Up For California - Helpful Links
Compulsive Gambling Institute www.gamblingaddiction.cc 1-800-GAMBLER 24 Hour Problem Gambling Help Line - Tom Tucker, Chief Executive Officer
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