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MEET AD10 CANDIDATE MARC LEVINE!
His views of the Rohnert Park Casino and casino expansion in the North Bay
San Rafael City Councilmember Marc Levine is running for the newly-configured Assembly District 10 (click here to view an interactive map) which includes Rohnert Park.
Marc is community-oriented, and serves on the Governance Committee of MarinKids.org which advocates that every child has a fundamental right to equal opportunities for education, health and well-being. Among the many hats Marc wears in service of his community, he's also a Member of the Executive Board of the California Democratic Party, Vice Chair of California Democratic Party's Business and Professional Caucus, and former Chair of the 6th Assembly District Democrats (2009 - 2010).
Unlike casino-promoter Michael Allen, who, in an ultimately cheesy political ploy, just moved to Marin County to make himself eligible for AD 10, Marc really is a long-time resident of the new district.
Here's what Marc has to say on the issue of casino growth and the Rohnert Park casino:
"Growing the number of Las Vegas style casinos in the North Bay and specifically in Rohnert Park is the wrong move. Issues of traffic, water, crime or whether it is a benefit to our communities are all valid when considering this type of development. I'm convinced that it makes no sense however we measure bringing casinos into our towns and cities in Sonoma and Marin counties."
You can learn more about Marc and contribute to his campaign by visiting his web site.
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WHY IS THE COUNTY DRAGGING ITS FEET ON CASINO MITIGATION?
Could a bold move by the County end casino's chances for a gambling compact?
There have been no mitigation discussions between the County of Sonoma and the Federated Indians of Graton Rancheria (FIGR) since the Final Environmental Impact Study (FEIS) was released in February 2009.
How come? The November 1, 2004 MOU that spelled out mitigation requirements called for discussions to begin 45 days after the release of the FEIS. So why no movement even after two and half years?
It seems that in April of 2009, the County added an amendment to the MOU putting off that 45 day requirement. Certainly we could argue that the County needed the time to review the FEIS, but come on, they've had two years, now.
Why haven't they gone back to the FIGR and said look, we're ready to move forward right now? If the FIGR isn't ready to proceed, then too bad, so sad, I say!
WANT TO TELL THE COUNTY BOARD OF SUPERVISORS TO FISH OR CUT BAIT ON CASINO MITIGATION? CLICK HERE!
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NO MONEY FOR CASINO CONSTRUCTION?
STC101 has learned from a major financial organ that Station Casinos has $93 million in cash. However, it also has $2.4 BILLION in debt. That's right folks, $2.4 BILLION!
With not enough cash and too much debt, including old notes that no one wants to buy, and all of its California tribal projects facing stiff local opposition (including Senator Feinstein!), who in the world is going to lend Station Casinos money?
Boy, did the FIGR's leadership really hitched their wagon to the wrong star!
And it's more bad news for Station Casinos partner Deutsche Bank - read on.
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WORLD FINANCE EXPERTS WORRY STATION CASINOS' PARTNER DEUTSCHE BANK'S EURO WOES COULD DRAG U.S. DOWN WITH IT
Bank is "thinly capitalized, highly leveraged"
A recent article found on Bloomberg.com worries that Deutsche, which holds many of the high-risk notes for countries such as Greece, could become a "conduit for risk" between the U.S. and the E.U. Deutsche is the second largest bank in the world, with 2.28 trillion euros ($3.08 trillion US) in total assets. But it is "thinly capitalized". having a "total equity at the end of the third quarter was only 51.9 billion euros, implying a leverage ratio (total assets divided by equity) of almost 44. This is up from the second quarter, when leverage was about 36 (assets were 1.849 trillion euros and capital was 51.678 euros.)"Even by modern standards, this is very high leverage. JPMorgan Chase & Co. has a balance sheet about 20 percent smaller than Deutsche Bank's, but more than twice as much Tier 1 capital, an important indicator of a bank's financial strength. Bank of America Corp., whose weakness is a serious worry in the U.S. today, has twice Deutsche's capital. (These comparisons use The Banker's ranking of the top 25 banks.) " Deutsche Bank, which just tried to evict a 103 year old woman from her Georgia home, was one of the key players in the mortgage melt-down, and then it received billions in U.S. bail-out moneyDeutsche Bank and J. P. Morgan Bank became partners with Station Casinos as a result of the bankruptcy ruling. They now appear to be stuck in the relationship. According to the Wall Street Journal, there are no buyers for the notes Deutsche Bank and J.P. Morgan Bank hold on Station Casinos. Both banks would up as partners with Station Casinos after the bankruptcy. Now they can't unload those notes. It seems that investors don't like the fact that the Fertitta freres, the same ones who ran a successful business into the ground, are still in charge. And they burned a lot of investors in the bankruptcy.Deutsche Bank's investment in casinos is now at $4.9 Billion, "rivaling its exposure to countries affected by the eurozone debt crisis. The bank has become one of the biggest investors and creditors in the US gambling capital. It has a $3.9bn credit facility with the 3,000-room Cosmopolitan casino - a wholly owned subsidiary which Deutsche built when the developer defaulted on loans from the bank. It also holds $1bn of debt, and 25 per cent of the equity, in Station Casinos, which owns several casinos in the Las Vegas area..."
Business Insider says, "Deutsche also holds $1 billion debt and 25% equity in Station Casinos, a Las Vegas casino operator, according to the (Financial Times). Meanwhile, Deutsche has $5.1 billion exposure to Greece, Italy, Ireland Spain and Portugal, which are all involved in the ongoing sovereign debt crisis, the report said." StreetInsider.com reports that "UNITE HERE's Deutsche Bank Risk Alert that it will take nine to nineteen years for the bank to recoup its casino investments.So Station Casinos large and powerful partner may be barely holding its head above water now, and if it goes, it could take us all down with it. |
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JUST FOR FUN....
Just for fun, while you're on the computer today, do a search for gambling AND embezzle and see what results you get. When I first started doing online research eight years ago on casinos, such a search would generate very few results. It's a different story today. Gambling debts are becoming a major factor in bankruptcy proceedings, too.
For those who say that gambling is "harmless fun", well, I guess it all depends on your perspective. No one sets out to become a gambling addict, but increased opportunities to gamble, i.e., a casino five miles away instead of in Reno or Vegas, has shown us that gambling addiction is more prevalent than previously thought. |
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SUPPORT OUR LEGAL EFFORTS!
STC101 is fighting to preserve the environment and to prevent a federal land grab here in Sonoma County. Won't you please support our efforts? Please give $25, $50, $75 $100 or more to our Legal Fund using safe, secure PayPal!. Learn more about our legal challenges!
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Stop the Casino 101 Coalition
979 Golf Course Drive #170
Rohnert Park, California 94928
Pastor Chip Worthington, Founder
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