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Non-Tech : Lake City Gaming: LCG-V
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To: cash money who wrote (93)3/20/1999 6:07:00 PM
From: Jerrold Annett   of 124
 
Hey Cash, Great to see that you are keeping up the chat. The Penticton approval process go held up due to the Glen Clark scandal. But as far as I know it has strong municipal support and Mike Farnsworth (NDP Gaming Minister etc, etc) is in strong support of the casino as well. The Municipal Government is waiting for papers from the NDP so that they can give the Casino one final passing.......after this the ground will be broken the next day. We all have to be patient with this one.....LCG has tons of $$$$$$$$ so they can proceed with a Plan B to keep up it's extraordinary growth (i.e. I know of the Prince George Casino availability for sale and a couple more Casinos in Alberta). A buy like this would mean instant revenues for the Company......but the downside is that they would have to pay a "Good-will" fee of probably $10 million to each Casino.....so new licenses is what the Company is looking for as part of their Plan A. I don't think there will be too many changes to the new licenses in BC........did you see how much the projected BC deficit will be this year.....over $500 million. The Government needs to expand Gaming in the Province badly. The Resource industry is suffering and doesn't look like it will rebound any time soon......so where else can the Government get badly needed revenues........Gaming will certainly help as it has with the other Canadian Provinces.

Just my 2 cents. Good Luck.

Jerrold
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