Tag: Denis McGlynn
General Assembly Post-Game Wrap-Up/Pre-Game Show: Thursday, March 20, 2014
I was heartened to see legislators expressing skepticism on a proposal to give $20 million this year to ease financial burdens on casinos. As Rep. Dennis E. Williams pointed out, the casinos will keep coming back year after year. Which raises the question, why should taxpayers bail out a wheeler dealer like Denis McGlynn for making bad business decisions:
Denis McGlynn, president and CEO of Dover Downs Gaming and Entertainment and Dover Motorsports Inc., said not receiving any money from the state would spell disaster for casinos, leading to potential layoffs, shutdowns of certain operations and a cutback on marketing.
Layoffs, loss of gaming options and a cutback in marketing ultimately would cost the state much more in lost revenue than what they would be shelling out in the current proposal, he said.
The casino’s bank loan expires on June 17, and the bank is watching the state’s decision, he said. If the bank loan is not renewed, McGlynn said they’d have to shop around with other banks, something that probably won’t work out in the casino’s favor given its finances, he said.
We gave McGlynn and his, wait for it, ilk, every break in the book. And now we’ve gotta bail his ass out because his loan is under water? Hey, Denis, how about moving some of your other assets around to cover this? The Delaware General Assembly should simply stop giving away money to these blackmailers. Which is what and who they are.
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