Lobbyists Spending Big Money On Casino Issue In Massachusetts
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The casino gambling debate has been a hot topic in the state of Massachusetts. Lobbyists have been pouring money into making sure that their side of the debate was heard.
Secretary of State William Galvin suggested that the money spent by lobbyists with gambling interest this year could break an all time record. The groups had been pushing hard for legalized casinos in the state.
Had the House not defeated a Bill proposed by Governor Deval Patrick that would have brought casinos to the state, the lobbying money spent would have climbed even higher. Suffolk Downs, one of the groups that wanted a casino, spent almost $500,000 on seven lobbying firms.
“The economy might not be well, but lobbyists are doing swell,” said Galvin. The figures from this year are expected to double the lobbying money that was spent the last time casino gambling was being discussed by the Legislature.
Former Governor William F. Weld had a casino proposal on the table back in the mid-nineties. Lobbyists spent $1 million trying to get that proposal approved. This year, it is estimated that over $2 million was spent.
The Bill this year was shot down by the House, but it has not swayed Patrick to give up the fight. he is still looking for ways to bring casino gambling to the state.
Stanley Ho Casino Firm Has Slow Start On First Day Of Listing
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Stanley Ho has been in a bitter battle with his sister Winnie over whether he should have been able to list his casino firm publicly. He won that right last week, and on Wednesday the firm was listed.
The first day of trading did not go exactly how Ho had envisioned when he decided to publicly list Sociedade de Jogos de Macau Holdings. The company was expected to come out of the gates selling heavy, but that was not the case.
“You know our path towards the listing has not been smooth. But we have successfully overcome a series of obstacles, turning challenges into opportunities. True gold is not afraid of the fire of the red furnace,” said Ho, referencing a Chinese proverb.
Investors have been slow to move towards the company after the legal battle that took place last week between Ho and his sister. He eventually won the court battle, but the bump in the road has made investors think twice.
Ho is trying to raise money so that he can renovate his casinos in Macau. With the influx of Las Vegas operators, it has become increasingly important that he keep up in the crowded casino gambling market.