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By Unanimous Decision, Paragon Loses Casino Bid in Missouri

Missouri State Gaming Commission chairman James Mathewson of Sedalia reacts to the process of selecting Cape Girardeau and the Isle of Capri Casino as the presumptive recipient of the state's 13th and last riverboat gaming license.

On December 2, 2010, the Missouri Gaming Commission voted 5-0 to grant its final vacant casino license to locally run Isle of Capri Casinos, in preference to Las Vegas run Paragon Gaming’s Sugar Creek bid and one other competitor. No dice for Sugar Creek casino – Independence, MO – The Examiner.

(Paragon are the current owners of Vancouver’s much smaller Edgewater Casino. BC Lottery Corp has given them the contract to to open a giant new expanded Edgewater next to BC Place Stadium – IF Vancouver City Council approves it.)

Missouri’s open, public, competitive bidding process contrasts with sharply with the BC Lottery Corporation’s approach. Missouri set a 6 week deadline for interested bidders to submit detailed economic assessments, then another 6 weeks to submit a formal application, following which there would be another 2 months for public hearings, polls, independent economic impact reports, with no formal end time for the consideration process. SE Missourian.com: Missouri Gaming Commission sets timetable for casino licensing process (05/27/10)

Here’s the chair of the Missouri Gaming Commission on the selection process – see YouTube.

Paragon Gaming’s $407 million proposal was not able to garner a single vote of support from the Commission, having been assessed as generating the least amount of revenue and generating the fewest jobs of the three shortlisted bidders.

(Note: Paragon has been making a lot of noise about the jobs it will create in Vancouver, but they don’t address the way such casinos suck money and jobs out of the surrounding businesses and economy. Its jobs algorithm is faulty – and furthermore, it is not talking about high-level or green jobs.)